This Manassas Park home market report takes a look at sales of single family, detached homes in Manassas Park (not condominium or townhouse sales). The zip code here is 20111.
- Homes currently for sale: 34
- Closed sales for homes in October 2013: 24
- Average sale price: $314,440
- Average list price: $320,204
- Sales price to list price ratio: 98.2%
- Average days on the market: 31
- Number of sales currently pending: 35
Manassas Park Absorption rate for homes: 1.42 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 Park Single Family Homes for Sale
Manassas Park home sales are in an extreme seller’s market, as evidenced by the low inventory of 1.42 months as of today, December 4th. Another sign of the high demand for Manassas Park homes is that there are currently more pending home sales than active listings. The average days on the market for sales of Manassas Park homes was 31 in October, which was 40% below the average over the past five years in October, which was 52 days. A lower average can often point to increased buyer demand, but it can also occur when sellers price their homes more competitively.
Despite the low inventory of Manassas Park homes for sale, October’s contract ratio of 0.68 actually represented a significant decrease since October of 2012, when it was 1.56. (The contract ratio is an important real estate market indicator – it is the number of pending sales compared to the number of active listings that haven’t yet gone under contract). The October contract ratio for Manassas home sales was also lower than the average over the past five years in October, which was 1.38. Generally, a lower contract ratio signifies that the market is moving in favor of buyers, while a higher contract ratio shows market movement in favor of sellers. After the next round of Manassas Park home market statistics are released mid-December, we’ll know if November’s contract ratio ended up being higher or lower the October ratio.
Manassas Park home sellers are still in a great position to benefit from the low inventory of homes for sale. If you’re thinking of selling your home in Manassas Park, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
If you’re thinking of buying a home in Manassas Park, I’d love to help you in your search. I’m an experienced buyer agent who great up in Northern Virginia and knows the Manassas Park real estate market very well. I’m knowledgeable when it comes to contracts and my negotiating skills will help you get the best possible deal.