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.
Karrina Taylor Brown
Karrina Taylor Brown
Associate Broker
8442 Old Keene Mill Road Springfield VA 22152