January, perhaps due to the cold weather, election year jitters or uncertainty about the overall financial picture, did not produce the kind of "out-of-the-gate" sales that we experienced last year at this time. As has been the case most of the year, prices for "have to" sell homes continued to drive the market as they vied for a limited number of buyers. This was especially true with the bank foreclosures. The number of properties available at end of January is up across the board with both townhome and single family inventory up from January levels.
We currently have 299 townhomes (up from last month's 255) and 138 active single family homes (up from 128 in December).
We had 115 townhomes come on the market during the month of January with an average list price of $326,410 compared with 60 listed in December with an average list price of $331,901. For single-family homes we had 15 come on the market in December at an average list price of $638,019. In January 47 listed with average list price of $564,469. Last year for January there were 56 single family homes listed at an average list price of $691,887 and 80 townhomes were listed at average list price of $401,991.
This year in January we had 40 townhomes sold at an average list price of $315,662 compared with last year when we sold 82 at average list price of $394,368. For single-family homes 21 sold this January with an average list price of $529,707 compared to last year when 26 sold with an average list price of $585,387.
Our current absorption rate for single-family homes is 7 months (meaning at the current sales pace, it would take 7 months, compared to 5 last year 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 7 months as well (up from 2 months last year).
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."
- NUMBER1EXPERTS™ 
