November Market Report
Reston’s November numbers are in and there are a few things to note as we move further into the winter months. We’ll begin by discussing the number of homes sold in Reston in November 2014. There were a total number of 53 homes sold of all types, including condos, townhouses and single family homes. This is the lowest number all year since January which also had 53 homes sold. Every sector of Reston housing types was lower than October, the graph below shows the numbers over the last 6 months with percent changes year over year. The Reston condo market saw the biggest decrease from November 2013 with 35% less homes sold.
The number of homes sold by itself doesn’t paint the whole picture of the Reston Real Estate Market. There are several factors that we need to take into account and one of them is inventory, also known as the number of active listings on the market. Our November numbers show us there were 252 active listings at the end of the month. There were 40 single family homes on the market, 99 townhouses and 113 condos. When you compare number of active listings to sales, you get a good idea of how the market is doing, for example, there are 40 single family homes for sale in Reston and there were 13 homes sold. That means there is only 3.07 months of inventory (40 active listings/13 closed sales in a month). The Reston Single Family Home market could be considered a seller’s market due to such low inventory. On the other hand, the condo market had 18 closed sales last month and there are 113 active listings, so there are 6.27 months worth of inventory, still not a bad number but that shifts the market more towards the buyers. The graph below shows the Reston Real Estate inventory over the last 6 months.
Now let’s talk about the sector that matters most to people, what are real estate prices doing in Reston. The median sales price over the last 6 months has remained fairly consistent. Depending on type of house, the year over year has changed. For example, the median sales price for all home types is actually dollar for dollar the same as November 2013, $420,000. Let’s look at more specific numbers though, the Reston Single Family Home Median Sales Price was $682,500 in November, an increase of 11.7% from November 2013. The Townhouses in Reston saw an increase as well, the median sales price was $431,000 which represents an increase of 6.4%. The condos saw a decrease though, the median sales price was $276,250 which represents a decrease of 5.4% from November 2013. The graph below shows median sales price over the last year.
Days On Market
Another big question is: how long is it going to take to sell my house? There’s no easy answer for that though as it’s very dependent on each situation, how the home shows and how it’s priced! The graph below shows days on market over the last year, you can see how hard the spring market picked up beginning in March. That momentum continued through much of the summer when it began to taper off. The winter months can be a slower time for the market but homes are definitely still selling! Over at The Canto Group, we find that the most serious buyers are out this time of year, the activity may be slower but the activity we get on our listings and the buyers we are working with are very serious.
Overall, the Reston market is in good shape. There are always people looking to buy in Reston and there are so many options for everyone.
As the graph above shows, the spring market is just around the corner, it starts up in February and March but you should get in touch with us today so you can be leading the charge in the Spring! For a Free Listing Consultation, fill out the form below!
If you’re just interested in your home’s value, check out our Free Home Valuation Form to see if it’s the right time for you to be selling! See how The Canto Group markets and sells homes with The Canto Group Difference!
If you’re in the market for a home in Reston, there’s no better place to start your search than by sitting with us for your complimentary buyer’s consultation. We’ve walked many clients through the process and are always looking to find great homes for great people!