Single Family Home Market Activity
The Reston Real Estate Market numbers are in for March 2015! We’re going to start the same way we always do, let’s dig into market activity in the single family home market. There were 44 active listing at month’s end, followed closely by 34 homes under contract and 18 closed sales in March. That’s a pretty strong market, there is just 1.29 month’s of inventory. This means if you own a single family home in Reston, you’re in a seller’s market and now might be a great time to get your home sold! We should expect to see inventory levels jump up a bit as we move into the summer but hopefully contracts and closings will follow suit.
Townhouse Market Activity
If you own a townhouse in Reston, you are in an even better position! This market has been great in February and March of this year. In March, we had 77 active listings, 67 total pending contracts and 57 closed sales. There is just 1.14 month’s of inventory in this market, the number of pending contracts is hot on the tails of active listings. If you’re thinking about selling, don’t let this market and opportunity get away! With interest rates so low, there is a huge pool of qualified buyers that you don’t want to miss!
Condo Market Activity
The condo market in Reston isn’t as strong as the townhouse market and single family home market but it’s still a very strong market. There are 125 active listings, 45 pending contracts and 34 homes sold last month. As already mentioned, this is still a strong market, we have 2.77 month’s worth of inventory. I expect levels of inventory to remain at about this level as we move through the summer but hopefully pending contracts and closed sales will continue to rise. If you’re thinking about buying, get in touch with The Canto Group today to take the first steps towards buying your new home!
Days on Market
The graph below shows the Median Days on Market across all three property types in Reston. The condo market, with the most inventory is naturally the highest days on market, the biggest surprise for the month of March though is the single family home market with just 11 days. This shows the market is strong, with little inventory and a lot of homes under contract and selling, buyer’s are scooping up the homes quickly.
The Median Sold Price to List Price Ratio across all three markets is great. The single family home market sold at 99.5% of list price in March. The townhouse market came in very strong as well at 98.9%. The condo market came in the rear again but still extremely strong with 98.6% Median Sold Price to List Price Ratio.
Looking at all these numbers together, it shows us a very strong Reston market across all sectors. If you’ve been thinking about selling, now is a great time to get your home on the market. It’s still a great time to buy though too! Interest rates are still at historic lows, to take advantage of them, get in touch with The Canto Group today! The home buying and selling process is easier than you think when you work with your best local real estate professionals!