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Real Estate Statistics Guide Your Home Sale

By Geva Lester

Real estate statistics can help a home seller determine a lot of things about the sale of their home. Is now a good time to sell in my neighborhood? Are homes in my neighborhood selling and if not, where are they selling and why? And the number one reason statistics help, if you are on the market and not selling and your neighbors are, WHY?

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Northern Virginia Real Estate Statistics – DAYS ON MARKET Before Sold

In the 4th quarter of 2014 we can see that homes have been selling in Northern Virginia. In fact, 45% of the homes that sold in the last quarter, sold in less than 30 days. Here’s how the numbers shake out, the long blue bar represents the number of homes sold in the last quarter of 2014, which equal 7, 432. Of those homes that sold in the 4th quarter, 3,298 or 45% sold in 30 DAYS OR LESS.

Arlington Real Estate Statistics (County Wide) – DAYS ON MARKET Before Sold

When looking at the Arlington real estate statistics, we can see that a total of 653 homes in the 4th quarter of 2014 and of those homes, 56% of them sold in 30 DAYS OR LESS.

Addison Heights Real Estate Statistics – DAYS ON MARKET Before Sold

Drilling down even further, we analyze Addison Heights real estate statistics. Addison Heights neighborhood is in Arlington VA, so it is a deeper dive into a specific neighborhood. While the number of homes sold in Addison Heights is low, so is the amount of available inventory for the neighborhood. Regardless, it is still important information. In the 4th quarter of 2014, 6 homes sold and ALL of them sold in 30 DAYS OR LESS.

How Do Real Estate Market Statistics Help A Home Seller?
It is important to look at the Virginia real estate statistics and then drill down to a mirco level from there. If real estate in your neighborhood is not selling and the Days On Market (DOM) for sold properties is very high, then what about your county and the region? But the most important part of this whole analysis is to see how your home and your neighborhood compare.

A great example of this is, if your home is currently on the market in Addison Heights neighborhood and it has been for 180 days, then these real estate statistics should be screaming something to you. Given the real estate statistics above showing that ALL the homes that sold in Addison Heights neighborhood, sold in under 30 days!

Additionally, if you are getting ready to sell and you have a good handle on the average Days On Market in your neighborhood, it would be a good indicator of what your should expect, provided you have properly prepared your home for market and you are priced accordingly.

Remember the three most important laws of real estate, location, location, location. There are things in real estate that we can change and there are things that we cannot. So before putting your house on the market, be sure to have addressed those things that you can change and adjust the PRICE for those things that you cannot.

Location - Can’t Be Changed

Size - Can’t Be Changed

Amenities - Can Be Changed

Condition - Can Be Changed

Wouldn’t this type of information be very helpful as you get ready to sell your house? If you are selling your house and want to know how the market is doing in your neighborhood, I can provide you a lot of real estate statistics specific to your neighborhood. If your home has been on the market for awhile, ASK YOUR REAL ESTATE AGENT what the average DOM is for your neighborhood. If there is a huge different between your DOM and your neighborhood, it is time to make some adjustments.

Real Estate Inventory Months of Supply
If you are starting to consider selling your home, another great real estate statistic to know is what is the number of months of real estate inventory for your neighborhood. Below is the real estate statistic “Months of Supply” for the Addison Heights neighborhood of Arlington VA. The ideal number for a balanced market (not a buyers market or a sellers market) is about 4-5 months of supply. Less than that number, the market will favor a home seller and more than that and the market will favor buyers.

Call me today at 571.249.4382 to discuss your next move.

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