- Homes currently for sale: 22
- Closed sales for homes in October 2013: 21
- Average sale price: $837,805
- Average list price: $847,981
- Sales price to list price ratio: 98.8%
- Average days on the market: 18
- Number of sales currently pending: 12
- Westover Absorption rate for homes: 1.05 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 Westover Single Family Homes for Sale
This home market report analyzes sales of single family, detached homes in Westover, a community in Arlington, Virginia. The zip code here is 22205. As you can see by the low inventory (currently 1.05 months as of today, November 20th), Westover home sales are still in an extreme seller’s market. The average number of days on the market in October was less than half the average in November. It was also less than half the average over the past five years in October, which was 40 days. A lower average can often mean higher demand in an area, but it can also be a function of more competitive pricing by home sellers. It’s also interesting to note that the sales price to list price ratio went up from September (95.8%) to October (98.8%). This means that on average, homes were getting closer to asking price in October than they were in September.
The contract ratio is another important statistic to look at – it is the number of pending home sales compared to the number of active listings that haven’t gone under contract). The contract ratio for home sales in Westover in October was 0.52, which represented virtually no change from September, and no change from October of 2012. It was slightly higher than the five year average in October, which was 0.48. A higher contract ratio generally shows market movement in favor of sellers, while a lower ratio points to market movement toward buyers.
People often think that the winter is not a great time to sell, but with inventory this low, Westover home sellers are in a very advantageous position right now. If you’re considering selling your home in Westover, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
Home buyers in Westover should seek the services of a great buyer agent to help them get the best possible deal in this market. I’m an experienced buyer agent who grew up in neighboring Falls Church City and knows the Arlington home market extremely well.