Kingstowne, VA - Condo & Coop
In Kingstowne, the median sold price for Condo & Coop properties for September was $290,000, representing no change compared to last month and an increase of 4.3% from Sep 2015. The average days on market for units sold in September was 97 days, 70% above the 5- year September average of 57 days. There was a 33.3% month over month decrease in new contract activity with 8 New Pendings; a 20% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 12; and a 9.5% decrease in supply to 19 active units.
This activity resulted in a Contract Ratio of 0.63 pendings per active listing, down from 0.71 in August and an increase from 0.47 in September 2015. The Contract Ratio is 19% 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.