Fairfax Ridge Condo Weekly Update 10/12/08-10/18/08

INTRODUCTION

As of today (October 17, 2008 1 PM), there are 20 active listings in MLS +2 since last weeks update and 4 condos that are currently under contract +1 since last week 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. (This does not take into effect the other Fairfax County Condos, or the condition of your condo) To cut your time on the market , please email us

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

8 - 1 bedroom units
12 -2 bedroom units


NEW LISTINGS

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


UNDER CONTRACT

According to MLS, there are 4 condos under contract, +1 since last week. 3 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) (1 bedroom)

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

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

11345 ARISTOTLE DR #6-311, FAIRFAX, VA 22030 - 15 (DOMP)
(2 bedroom)

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 4 condos for rent +2 since last week

2 condos have been rented out in the past month.

1 condo was withdrawn from being rented.

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


OBSERVATIONS

Fairfax Ridge Current condos have been on the market for an average of 105 days. Now there are 4 condos that have skewed this average very high. These are all regular sales and by the numbers these owners are relectant to drop there price to the current market level, because either they owe more on their mortgage or think their condo is worth more. Either way, they will continue to sit on the market longer. These 4 condos have been on the market averaged between them 327 days. Do not make the mistake of overpricing your condo or you will end up like them.

Bank owned condo sales in Fairfax Ridge still dominate the sales volume this year, but a few regular sales are getting through. Make sure you interview the right agents. We would love for you to at least interview our team to see if we are the best fit for you. You owe it to your self to hire the most knowlegable and capable realtor to get your most important investment sold.

If you have to sell your place and can not wait. Please contact us to see if we can help.




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