Fairfax Ridge Condo Weekly Update 10/5/08-10/11/08

INTRODUCTION

As of today (October 9, 2008 2 PM), there are 19 active listings in MLS and 3 condos that went under contract within last 30 days and 1 that has sold in the last 30 days. This gives us an absorption rate of 5. Which means if no more condos came on the market today it would take an average of 5 months to sell your current condo.

Here’s the breakdown of all active listings in MLS:

8 - 1 bedroom units
11 -2 bedroom units


NEW LISTINGS

According to MLS, there were 2 new listing last week.


UNDER CONTRACT

According to MLS, there are 3 condos under contract. 2 of these are bank owned properties and 1 is a short sale.

3851 ARISTOTLE CT #1-214, FAIRFAX, VA 22030 - 165 Days On The Market (DOMP)

11371 ARISTOTLE DR #9-213, FAIRFAX, VA 22030 - 61 (DOMP)

11359 ARISTOTLE DR #8-214, FAIRFAX, VA 22030 - 26 (DOMP)

I will have the final numbers for these once they close


SOLD

According to MLS, 1 condo sold in the last 30 days. This was a bank owned condo.

2 level, 2 bedroom, 2 bathroom

11397 ARISTOTLE DR #11-105, FAIRFAX, VA 22030 - 36 (DOMP)

List Price - 267,800
Close Price - 240,000
Seller Subsidy - 7,590


RENTALS

There are currently 3 condos for rent.

4 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.


OBSERVATIONS

It looks like the bank owned condos are selling much more quickly then regular sales. If you are thinking about selling, make sure you price your condo competitively or it will sit on the market for at least 5 months.

The price range for Fairfax Condos is excellent for first time home buyers and we have a lot of people looking at these condos. But you have to know what condos are selling for around you and at other condo developments to give your condo the best chance of selling.





Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.