The statistics below represent the real estate market in Spotsylvania County, Virginia:

• New Listings: 273
• Closed Sales: 148
• Pending Sales: 212
• Median Sale Price: $189,500
• Average Days on Market: 76
• Percent of List Price Received at Sale: 96.2%

Although the number of new listings as compared to the same month a year ago is down 8.7%, the number of pending sales is up by 42.6%. This increase is partly due to the number of shot sales awaiting approval, but also reflects a more active market in re-sales and new homes.

The percentage of list price received at sale has also increased from 91.2% in August 2008 to 96.2% this year. This is indicative of more competition at entry level prices and a shrinking inventory of homes for sale. In fact, single-family detached homes are currently at 636–down from a high of 1,132 last year–a 43.8% reduction.

With more buyers deciding to enter the market and with the clock ticking on the $8,000 federal tax credit for first-time buyers, we can probably expect to see that percent of list price move upward. Also expect the beginning of a stabilization or even reversal of the downward trend in sales price.

What the stats don’t show is the increase in multiple offers on well-priced properties.  We are finding that if a property is priced right, in almost all price ranges, a buyer will probably be found within 90 days or less.

Market data and commentary provided by Judi Jones, Managing Broker, Avery-Hess, Realtors

Search for homes in Spotsylvania, and all of the DC Metro: www.averyhess.com