- Condos currently for sale: 37
- Closed sales for condos in October 2013: 28
- Average sale price: $401,486
- Average list price: $403,098
- Sales price to list price ratio: 99.6%
- Average days on the market: 19
- Number of sales currently pending: 30
- Shirlington Absorption rate for condos: 1.32 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.
As you can see from the low level of inventory, which is 1.32 months as of today, November 11th, Shirlington condo sales are currently in an extreme seller’s market. In October, the average number of days on the market for sales of condos in Shirlington was 19, which was 53% below the average over the past five years in October, which was 40 days. A lower average number of days on the market can often point to higher demand, but it can also be reflective of sellers pricing their condos competitively.
Currently Listed Shirlington Condos for Sale
It’s also important to analyze the contract ratio, which is the number of pending home sales compared to the number of active listings not yet under contract. The October contract ratio for condo sales in Shirlington was 0.66, which represented a slight shift downward from September, when it was 0.85, and a decrease from October of 2012, when the contract ratio was 1.06. The October contract ratio was around the same as the average contract ratio over the past five years in October, which was 0.65. Generally speaking, a lower contract ratio shows market movement in favor of buyers, while a higher contract ratio points to a market shift toward sellers.
Condo sellers in Shirlington are still in a position to benefit from the extremely low inventory in the area. If you’d like a free comparative market analysis of your Shirlington condo, call me on my cell phone at 703-462-0700. This will give you an idea of how much your condo is worth, so you can decide if it’s a good time to sell.
Shirlington condominium buyers should find a buyer agent with extensive knowledge of contracts and negotiation skills. I’m an experienced buyer agent who grew up in neighboring Falls Church City and knows the Shirlington condominium market very well.