September 2016

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