The real estate market in Ashburn finished strong in February compared to the past few months. A few stats regarding the market this past month include:
- 81 properties sold in Feb (higher than Jan by 25 units)
- Median Sales price in Feb $440,000 (higher than Jan by $26,300)
- Average days on Market was 54 days
- 176 new properties were added to the market in February
- 125 properties went under contract in the month
As a general trend, I look at a few charts to have a better understanding of the market direction. One of these charts is 'Months of Inventory':
When comparing the inventory to the last few months of 2014, the overall inventory has gone from 4.5 months of inventory down to 2.0 months of inventory. As a general rule, inventory levels below a 5.0 are considered more of a sellers market while anything over 5.0 would be considered more a buyers market. With the levels at 2.0, this is a prime opportunity for homeowners considering selling their property to get it on the market!
The other chart that I look at is the 'Days on Market'. This chart captures the average days on market for homes that go 'under contract' in the month. Here is the chart for Ashburn Real Estate in February:
Although compared to last year, the days on market has increased - when compared to the last 4-5 months, the average days on market has dropped considerably down to 41 days (lower than January by 18 days). This chart is useful because it tells me that when a property is priced correctly, it will move.
If you have questions on your property value and interested to see what homes have sold for recently, what is currently on the market, and what is under contract - please utilize our free market snapshot!
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