Searching for Northern Virginia condos for sale? You’ve come to the right place. Our website has every condo listing currently on the market in this area, as well as in-depth information about a variety of Northern Virginia condo communities.
In this blog post, we’ll take a look at recent sales activity of condos in this area, which will give you a good idea of where the market has been heading.
The closed sales data in this article came from the MRIS, the local multiple listing service that Northern Virginia real estate agents use for their research.
Northern Virginia Condos – What’s the Market Like?
This analysis looks at sales activity from February 2017:
• New Condo listings in February 2017: 889
• Closed sales for condos: 519
• Average sale price: $307,099
• Average list price: $317,251
• Sales price to list price ratio: 96.8%
• Average days on the market: 69
• Number of sales pending in February 2017: 730
• Absorption rate: In February 2017, the condo market had 1.71 months of inventory. A balanced market has an absorption rate of around 5-7 months of inventory. When there are fewer than 5 months of inventory on the market, this indicates a seller’s market, while inventory levels of over 7 months indicate a buyer’s market.
Condos in the region have been experiencing a strong seller’s market, as you can see from the level of inventory in February. Of course, an important caveat is that the condo market varies based on the specific city or county. For instance, the Arlington condo market will differ significantly from the Burke condo market.
The contract ratio for Northern Virginia condos was 0.85 in February, which represented an increase from January’s 0.78 contract ratio, and an increase from February 2016’s number of 0.63. Increasing contract ratios are also indicative of a market shift toward sellers.
Schedule Viewings for Northern Virginia Condos!
Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com to set up a time to see some of the amazing condos that are currently on the market in this area! It’s important to work with a Northern Virginia real estate agent who sells a lot of condos and understands the key ways that condo contracts differ from home and townhome sales contracts.
Thinking of Selling your Northern Virginia Condo?
It’s important to work with an agent who is tech-savvy and understands internet marketing. There’s a reason why our website comes up so high in the results when you do a Google search on Northern Virginia real estate.
Contact me to request a free property value analysis. I’ll do an in-depth analysis on your specific condo, which will give you an idea of how much you could expect to sell it for in the current market.