This market report takes a look at sales of Landmark and Cameron Station condos in Alexandria, Virginia 22304.
- Condos in Landmark and Cameron Station currently for sale: 67
- Closed sales for Landmark and Cameron Station condos in November 2013: 31
- Average sale price: $269,498
- Average list price: $278,695
- Sales price to list price ratio: 96.7%
- Average days on the market: 49
- Number of sales currently pending: 39
- Landmark and Cameron Station Absorption rate for condos: 2.16 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 Landmark and Cameron Station Condos
Landmark and Cameron Station condo sales are in a seller’s market, as evidenced by the low inventory, which is 2.16 months as of today, December 20th. Condo inventory decreased since the last time I blogged about these communities on November 21st, when it was 2.71 months. The average number of days on the market for sales of Landmark and Cameron Station condos increased from October (39 days) to November (49 days). However, the November average was still lower than the average over the past five years in November, which was 64 days. A lower average can often point to increased demand, but it can also reflect competitive pricing by sellers.
The contract ratio is another important statistic to analyze. It is the number of pending sales compared to the number of active listings that haven’t yet gone under contract. In November, the contract ratio for sales of Landmark and Cameron Station condos was 0.53, which was lower than the contract ratio in November of 2012, which was 1.00. The November contract ratio was also lower than the average ratio over the past five years in November, which was 0.67. A lower contract ratio indicates that the market is moving in favor of buyers, while a higher ratio indicates market movement toward sellers.
Landmark and Cameron Station condo sellers are still in a position to benefit from the low inventory in the area. If you own a condo in Landmark or Cameron Station and you’re curious about its market value, call me at 703-462-0700 – I’ll do a comparative market analysis for you.
If you’re looking to buy a condo in Landmark or Cameron Station, I’d love to help you find the right property. I maintain a “10 Best Deals” list on an ongoing basis in these communities and I’d be happy to send it over to you.
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