BURKE, VA - DETACHED HOMES
In Burke, VA, the median sold price for Detached properties for September was $582,500, representing a decrease of 3.3% compared to last month and an increase of 6.9% from Sep 2015. The average days on market for units sold in September was 25 days, 27% below the 5-year September average of 34 days. There was a 29.2% month over month decrease in new contract activity with 17 New Pendings; a 24.2% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 25; and a 25.6% increase in supply to 49 active units.
This activity resulted in a Contract Ratio of 0.51 pendings per active listing, down from 0.85 in August and an increase from 0.35 in September 2015. The Contract Ratio is 7% lower than the 5-year September average of 0.55. 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.