This Woodbridge home market report takes a look at sales of single family, detached homes (not townhome or condo sales) in Woodbridge, VA 22192. Woodbridge is located in Prince William County.
- Homes in Woodbridge currently for sale: 74
- Closed sales for Woodbridge homes in October 2013: 22
- Average sale price: $473,230
- Average list price: $493,977
- Sales price to list price ratio: 95.8%
- Average days on the market: 99
- Number of sales currently pending: 25
- Woodbridge 22192 Absorption rate for homes: 3.36 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 Woodbridge Single Family Homes for Sale
Woodbridge home sales in this zip code are in a seller’s market, as you can see from the low inventory, which is 3.36 months as of today, December 4th. Inventory has edged up some since the last time I blogged about the home market in this area on November 8th, when it was 2.7 months. The average number of days on the market for Woodbridge home sales in this area jumped significantly from September (36 days) to October (99 days). October’s average was significantly higher than the average over the past five years in October, which was 75 days. A higher average can often point to decreased demand, but it can also be caused by sellers overpricing their homes.
The contract ratio is another important market statistic to look at – it is the number of pending sales compared to the number of active listings that haven’t gone under contract yet. In October, the contract ratio for sales of Woodbridge homes in this area was 0.52, which represented virtually no change from September of this year and no change from October of 2012. The October contract ratio was lower than the average ratio over the past five years in October, which was 0.73. A higher contract ratio points to more contracts compared to the existing supply of homes for sale, which means that the market is moving in favor of sellers. A lower contract ratio points to fewer contracts compared to supply, which shows that the market is moving in favor of buyers.
Woodbridge home sellers in this area still have a great chance to benefit from the low inventory. If you’re considering selling your home in Woodbridge, call me on my cell phone at 703-462-0700 so I can provide you with a free comparative market analysis.
If you’re looking to buy a Woodbridge home, contact me so I can go to work for you. I’m an expert on contracts and a skilled negotiator. It would be my pleasure to help you find your dream home in Woodbridge.