February 2018 Local Market Insight – 20120, Centreville, VA (All Home Types)

Contact us if you would like to know how the data below impacts the buying or selling of your real estate property in this or any other area(s) this Spring. 

Statistic Feb YoY MoM
Total Sold Dollar Volume 11,681,100 down 23.9% down 23.9%
Closed Sales 24 down 33.3% down 29.4%
Median Sold Price $487,500 up 31.9% up 1.9%
Average Sold Price $486,713 up 14.1% up 7.8%
Median Days on Market 6 days down 84.2% down 77.8%
Average Days on Market 36 days down 45.5% down 26.5%
Median Price per Sq Foot $269 up 8.5% up 5.9%
Average Price per Sq Foot $265 up 6.9% up 6.9%

Source:  2018 MarketStats by ShowingTime.  “Data provided by MRIS as of March 05, 2018.”

Definitions:

  1. Median – When a data set is arranged from least to greatest, the median is the middle value.  If the data set has outliers, the median gives a better description of the data than the average.
  2. Average – Average or mean = Total Number/Number of Items.  For example, Average Sold Price is Total Sales Dollar Volume divided by Total Number of Units Sold.
  3. Median SP to OLP Ratio – The final Median Sold Price to the Original Listing Price Ratio for homes sold in a given period.
  4. YoY – Year-Over-Year is the percent change for a statistic from the same period in the previous year.
  5. MoM– Month-Over-Month is the percent change for a statistic from the preceding month.
  6. Months of Supply = (Active Listings at end-of-period / Average monthly sales over last 12 months)        

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Tim Royster | U.S. Army Veteran | REALTOR® | (571) 275-0871 | [email protected]

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