Here is a quick update on our local real estate market. At Tom & Cindy and Associates we study the statistics and are able to note micro-changes we see that can be of value to our clients.
I'll talk about Lorton first. There are 290 homes on the market. Of those 35 are under contract for an absorption rate (AR) of 12%. Of these 143 are detached homes. 15 are under contract for an AR of 10%. There are 130 townhouses on with 20 under contract for an AR of 15%. There are 24 condos on and 2 under contract for an AR of 8%.
In Springfield, there are 646 homes on the market. 96 are under contract which is an AR of 15%. 414 of the homes are detached and 59 are under contract for an AR of 14%. 198 are townhomes with 31 under contract for an AR of 31%. 38 condos are available with 7 under contract for an AR of 18%.
In the Kingstowne area, there are 342 homes on the market with 57 under contract for an AR of 17%. Of those, 153 are single-family detached with 18 under contract for an AR of 12%. There are 140 townhouses, with 27 under contract for an AR of 19%. There are 48 available condos and 14 under contract for an AR of 29%.
What does all this mean? Well, condition and price are king. People that say homes are not selling are just plain uninformed. Homes ARE selling (our team has sold 4 this week), but it is the savvy seller that is successful. Staging, pricing, marketing, and negotiating are more important than ever before.