Centreville's November Update

October's numbers show some improvement with the number of properties coming on the market decreasing and the number or properties selling increasing somewhat. We continue to see many good signs in the market which bode well for the coming months. Once again, prices for "have to" sell homes continue to drive the market as they vie for a limited number of buyers.
The number of properties available at end of October is down from September with the exception of townhomes under $300,000 which was up, and garage townhomes which remained even. Overall, both townhomes and single family inventory was down from September levels. We currently have 325 townhomes (down from last month's 333) and 162 active single family homes (down from 182 in September).
We had 80 townhomes come on the market during the month of October with an average list price of $354,954 compared with 96 listed in September with an average list price of $379,269. For single-family homes we had 40 come on the market in October at an average list price of $585,386. In September 51 listed with average list price of $639,796. Last year for October there were 53 single family homes listed at an average list price of $671,313 and 87 townhomes were listed at average list price of $390.101.
This year in October 34 townhomes sold at an average list price of $356,135 compared with last year when we sold 47 at average list price of $358,100. For single-family homes 26 sold this October with an average list price of $553,050 compared to last year when 12 sold with an average list price of $675,241.
Our current absorption rate for single-family homes is 6 months (meaning at the current sales pace, it would take 6 months, compared to 13 last year at this time - and last month at this time - for all of the current inventory to sell) Keep in mind that this speaks to current inventory and does not take into account additional inventory that will be coming on over the coming months. For townhomes the current absorption rate is 10 months (even with 10 months last month). For last year at the same time our absorption rate for townhomes was 6 months.
Our local economy remains strong, even with some small ups and downs in interest rates they continue at historic lows and serious sellers continue to price their homes aggressively - it to be a great time to be a buyer. Whether you are a buyer or seller, making decisions on how to proceed in this market can be daunting. It is more important than ever to be working with an agent who has the experience and knows how to guide you through the dangers and pitfalls of the coming months. Marketing, staging and pricing are key considerations for every seller. After 22 years of selling real estate in Centreville you can be confident that we have the experience to help you win in this kind of market. If you are thinking of moving now or in the future give us a call today and see why our buyers and sellers have a "Distinct Advantage."