Time for a market absorption rate update for Ashburn, Leesburg, Hamilton, Purcellville, and Round Hill. Based on MRIS data from this morning, here are the current absorption rates for the towns and home types:
(Market absorption is the number of months it would take for the current inventory of homes to sell at the rate at which they are going under contract. Number of active listings divided by the number of under contract homes.)
- Townhomes 2.07 months; (212 active, 102 under contract)
- Single family 3.61 months; (271 active, 75 under contract)
- All property types: 2.32 months (454 active, 195 under contract)
- Townhomes 3.37 months (253 active, 75 under contract)
- Single family 5.97 months (514 active, 86 under contract)
- All property types 4.95 months (901 active, 182 under contract)
Hamilton: All property types 9.66 months (56 active, 6 under contract)
Purcellville: All property types 6.19 months (161 active, 26 under contract)
Round Hill: All property types: 4.5 months (72 active, 16 under contract)
So, when you compare that to the numbers from the data I ran on March 15th, we see improvement in all places except Hamilton (although we can argue that the numbers there are small enough that one contract provides a decent swing in the absorption rate.) We are seeing improvement! And honestly, for the spring season, I’m not noticing a huge increase in the amount of inventory as compared to a month ago.
Any questions? Would you like statistics on a specific neighborhood? Email or call me and I’m happy to help!