This Reston condo market report takes a look at sales of condos (not single family, detached homes or townhouses) in 20190.
- Condos in Reston 20190 currently for sale: 21
- Closed sales for Reston condos in October 2013: 19
- Average sale price: $450,497
- Average list price: $459,222
- Sales price to list price ratio: 98.1%
- Average days on the market: 19
- Number of sales currently pending: 29
- Ballston Absorption rate for condos: 1.11 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 Reston Condos for Sale
Reston condo sales are in an extreme seller’s market, as evidenced by the low inventory, which is 1.11 months as of today, December 1st. The average number of days on the market for sales of Reston condos in October was 19 days, a full 50% lower than the average over the past five years in Reston which was 38 days. A lower average can often point to higher demand in an area, but it can also show competitive pricing on the part of sellers.
When assessing any real estate market, it’s also important to look at the contract ratio, which is the number of pending sales compared to the number of active listings that haven’t gone under contract. In October, the contract ratio for sales of Reston condos was 0.97, which represented a decrease from the contract ratio in October 2012, which was 2.53. The October 2013 contract ratio for Reston condo sales was also lower than the average ratio over the past five years in October, which was 1.32. A lower contract ratio points to market movement in favor of buyers, while a higher contract ratio shows market movement toward sellers.
Reston condo sellers are still in a position to benefit from the extremely low inventory. If you’re considering selling your condo in Reston, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
If you’re looking to buy a Reston condo, contact me so I can go to work for you and negotiate the best deal possible on your behalf. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Reston real estate market very well.