- Homes in Manassas City currently for sale: 50
- Closed sales for Manassas homes in October 2013: 22
- Average sale price: $309,227
- Average list price: $315,428
- Sales price to list price ratio: 97.4%
- Average days on the market: 32
- Number of sales currently pending: 40
Manassas City 20110 Absorption rate for homes: 2.27 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 Manassas Single Family Homes for Sale
This Manassas City home market report analyzes sales of single family detached homes (not condo or townhome sales) in Manassas, Virginia 20110. Manassas home sales in this area are still in a seller’s market, as evidenced by the low inventory, which is 2.27 months as of today, November 29th. Inventory here is almost the same as it was the last time I blogged about the Manassas home market on November 5th, when it was 2.24 months. The average days on the market for Manassas home sales in October was 32 days, which represented a slight decrease from September, when it was 34 days. The October average was 40% lower than the average over the last five years in October, which was 54 days. A lower average can reflect higher buyer demand, but it can also be indicative of competitive pricing on the part of sellers.
The contract ratio is another useful piece of data look at when analyzing any real estate market. It is the number of pending home sales compared to the number of active listings that haven’t yet gone under contract. The contract ratio for sales of homes in Manassas 20110 was 0.91 in October, which higher than the September ratio of 0.59, and lower than the ratio in October 2012, which was 1.29. The average contract ratio for sales of homes in Manassas 20110 over the last five years was 1.31. Generally, a lower contract ratio points to market movement in favor of buyers, while a higher contract ratio points to market movement toward sellers.
The low level of inventory presents a good opportunity for home sellers in Manassas. If you’re thinking of selling your Manassas home, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
If you’re looking to buy a home in Manassas, contact me so I can get you the best deal possible. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Manassas real estate market very well.