This Herndon townhouse market report analyzes sales of townhouses (not sales of condos or single family, detached homes) in 20170.
- Townhouses in Herndon currently for sale: 10
- Closed sales for Herndon townhouses in October 2013: 14
- Average sale price: $309,026
- Average list price: $318,912
- Sales price to list price ratio: 96.9%
- Average days on the market: 16
- Number of sales currently pending: 14
- Herndon 20170 Absorption rate for townhouses: 0.71 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
Currently Listed Herndon Townhouses
With less than a month of inventory available as of today, December 1st, the Herndon townhouse market in 20170 is in an extreme seller’s market. The average number of days on the market for sales of Herndon townhouses in October was 16, which was 34% lower than the five year October average of 24 days. A lower average can often be reflective of higher demand, but it can also signify competitive home pricing on the part of sellers.
Another important market indicator to look at is the contract ratio, which is the number of pending sales compared to the number of active listings not yet under contract. In October, the contract ratio for sales of townhouses in Herndon 20170 was 1.20, which represented virtually no change from September, but a significant change from October of 2012, when the contract ratio was 3.71. Additionally, the average contract ratio for Herndon townhouse sales in this zip code over the past five years was 3.71. A lower contract ratio generally means that the market has shifted toward buyers, while a higher contract ratio shows market movement toward sellers. Time will tell whether this lower contract ratio is seasonal, or a sign of the beginning of a gradual market movement away from Herndon townhouse sellers.
If you’re considering selling your Herndon townhouse, call me on my cell phone at 703-462-0700 to request a free comparative market analysis. Sellers currently have a great opportunity to take advantage of the extremely low inventory.
If you’re in the market for a townhouse in Herndon, contact me so I can help you find the right home. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Herndon real estate market very well.