This Manassas townhouse market report analyzes sales of townhouses (not single family, detached homes or condos) in Manassas, 20110.
- Manassas Townhouses currently for sale: 30
- Closed sales for townhouses in Manassas in October 2013: 22
- Average sale price: $197,076
- Average list price: $197,868
- Sales price to list price ratio: 99.6%
- Average days on the market: 22
- Number of sales currently pending: 42
- Manassas Absorption rate for townhouses: 1.36 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 Townhouses
Manassas townhouse sales are experiencing an extreme seller’s market, as evidenced by the low inventory, which is 1.36 months as of today, December 2nd. The average number of days on the market for sales of Manassas townhouses in October was 22, which was 57% below the average over the past five years in Manassas 20110, which was 51 days. Often, a lower average points to higher demand in an area, but it can also be caused by sellers pricing their homes competitively.
The contract ratio is another important statistic to look at when analyzing the real estate market. In October, the contract ratio for sales of Manassas townhouses was 1.14, which represented virtually no change from September, and no change from October of 2012. However, the October ratio was significantly lower than the average ratio over the past five years in October, which was 2.88. A lower contract ratio points to a market shift toward buyers, while a higher contract ratio points to a market shift toward sellers.
Manassas townhouse sellers are in a great position to benefit from the extremely low level of inventory. If you’re considering putting your townhouse in Manassas on the market, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
If you’re looking to buy a townhouse in Manassas, you should hire a great buyer agent. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Manassas real estate market very well.