- Homes currently for sale: 64
- Closed sales for homes in September 2013: 14
- Average sale price: $713,432
- Average list price: $700,817
- Sales price to list price ratio: 101.8%
- Average days on the market: 22
- Number of sales currently pending: 32
- Lorton Absorption rate for homes: 4.57 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 Lorton Single Family Homes for Sale
This Lorton home market report takes a look at sales activity of single family detached homes (not townhomes or condominiums). As of today, October 30th, the inventory level in Lorton is 4.57 months, which means Lorton is in a mild seller’s market. Another sign of the high level of buyer demand for homes in Lorton is the relatively low average number of days on the market. The average number of days on the market for detached homes in Lorton was 22 in September, which was 72% below the average number of days on the market for the month of September over the past five years, which was 79 days. Finally, it’s also interesting to note that the sales price to list price ratio for homes in Lorton was over 100% in September, meaning on average, homes sold for higher than listing price. This can often be reflective of higher demand, but it can also be caused by sellers pricing their homes more competitively.
Another useful piece of data for tracking home market activity is the contract ratio, which is the number of pending sales compared to the number of active listings not yet under contract. Despite the other signs of high demand for Lorton homes, the contract ratio in September was only .40. Although this remained virtually unchanged from August of this year and September of 2012, it was significantly lower than the 5-year September average contract ratio of .72. Generally speaking, a higher contract ratio points to market movement in favor of sellers, while a lower contract ratio is indicative of market movement toward buyers.
Home sellers in Lorton are still in a position to benefit from relatively low inventory and high levels of demand. Call me on my cell phone at 703-462-0700 for a free comparative market analysis. This will help determine the value of your home and will give you a good idea of whether this is a good time for you to sell.
Home buyers in Lorton should seek the help of a great buyer agent to help them find the best deal possible. I’m an experienced buyer agent who grew up in Northern Virginia and knows this area very well. Call or email me so I can go to work for you!