September 2016

Burke, VA - Condo & Coop

In Burke, VA, the median sold price for Condo & Coop properties for September was $321,500, representing an increase of 9.2% compared to last month and an increase of 14.8% from Sep 2015. The average days on market for units sold in September was 8 days, 73% below the 5-year September average of 29 days. There was no month over month change in new contract activity with 6 New Pendings; a 40% MoM increase in All Pendings (new contracts + contracts carried over from August) to 7; and a 75% increase in supply to 14 active units.

This activity resulted in a Contract Ratio of 0.50 pendings per active listing, down from 0.63 in August and a decrease from 1.10 in September 2015. The Contract Ratio is 36% lower than the 5-year September average of 0.78. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

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