Lorton, VA - Condo & Coop
In Lorton, VA, the median sold price for Condo & Coop properties for September was $177,450, representing a decrease of 35.5% compared to last month and a decrease of 26.2% from Sep 2015. The average days on market for units sold in September was 19 days, 59% below the 5-year September average of 46 days. There was a 75% month over month increase in new contract activity with 7 New Pendings; a 57.1% MoM increase in All Pendings (new contracts + contracts carried over from August) to 11; and a 37.5% decrease in supply to 5 active units.
This activity resulted in a Contract Ratio of 2.20 pendings per active listing, up from 0.88 in August and an increase from 0.33 in September 2015. The Contract Ratio is 107% higher than the 5-year September average of 1.06. 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.