This market report takes a look at recent sales of Shirlington condos. Every day, this website’s real estate listings are updated with fresh data from the MRIS, so you can always be assured of having access to the most current listings. (The following market statistics were pulled directly from the MRIS):
- Condos in Shirlington currently for sale: 24
- Closed sales for Shirlington condos in January 2014: 17
- Average sale price: $383,585
- Average list price: $393,824
- Sales price to list price ratio: 97.4%
- Average days on the market: 39
- Number of sales currently pending: 28
- Absorption rate for condos in Shirlington: 1.41 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 Shirlington Condos for Sale
As you can see from the low level of inventory, which is 1.41 months as of today, February 24, Shirlington condo sales are currently in an extreme seller’s market. The average number of days on the market for Shirlington condos was 39 in January, which was significantly lower than the average over the past five years in January, which was 53 days. However, a lower average doesn’t necessarily just point to increased buyer demand in an area, although that’s usually part of the equation. It also could mean that sellers are pricing their homes more competitively, therefore increasing the likelihood that their properties sell faster.
Another important market indicator to study is the contract ratio, which is the number of pending sales compared to the number of listings not yet under contract. Think of the contract ratio simply as a way to calculate the supply and demand in the real estate market. In January, the contract ratio for sales of Shirlington condos was 1.28, which was slightly lower than the contract ratio from January 2013, which was 1.53. When the contract ratio decreases, it signifies that the market is moving away from sellers and toward buyers, and when the contract ratio increases, it shows that the market is moving away from buyers and toward sellers.
If you’re in the market for a condo in Shirlington, contact me so I can help you find the right property. Not only will I work hard to get you into the right condo, but I’ll negotiate aggressively on your behalf to get you the best deal possible in this market.
If you own a condo in Shirlington and are curious about its market value, call me at 703-462-0700 so I can provide you with a market analysis of how your property compares to recent sales in your condo community. This will give you a good idea of your condo’s market value.