Caroline County, VA Market Report – 7/16/10

Boy are we living in interesting times!  Our market has been all over the place this year!  We started off the year with snowy weekends which then moved on to the February blizzard!  We then experienced the frenzy of activity from Buyers qualifying for the tax credit.  Then May 1st came around and the market came to a screeching halt.  June was a welcome change and we started to have more of a normal activity level.  Looking at the activity over the past year, things for the most part remain relatively unchanged.   Here is a snapshot:

The most noticeable change is the drop in new listings.  Inventory has declined all across the Fredericksburg region.  When inventory decreases so does the average days on market for homes that are listed on the MLS.  We will need to see a continued reduction in inventory before our market starts evening out.  While we still have a long road ahead of us, the decrease in inventory makes this market a little bit better for Sellers.  Sellers that are priced right, show well and are in good locations are selling their houses for close to their list prices and quicker than in seasons past.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

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

Caroline County, VA Market Report – 5/7/10

It appears that prices in Caroline County were on the rise this spring!  Listings were up, closed sales were up and days on market decreased!  What wonderful news considering what all of us are used to hearing in today’s media!  Here are all of the most recent statistics for Caroline County:

Market Statistics for Caroline County (March 2010)

New listings  -  80 (change from March ‘09 +17.6%)

Closed Sales – 25 (change from March ‘09 +19.0%)

Pending Sales – 25 (change from March ‘09 +25.0%)

Median Sales Price – $145,000 (change from March ‘09 +2.5%)

% of Orginial Sales Price – 92.29% (change from March ‘09 +10.0%)

Ave Days on Market –  116 (change from March ‘09 -7.2%)

Single Family Detached -  245 (change from March ‘09 0%)

TH-Condo Inventory – 22   (change from March ‘09 0%)

March was a fantastic month sales wise!  The snow was gone, spring had sprung and the tax credit was still available!  The momentum kept going into April and so far in May, has not stopped!  Everyone is hypothesizing on whether or not the tax credit will come back and what impact it really did have.  But here is the thing to remember!  Caroline and the surrounding area of Fredericksburg and all of it’s neighbors are sitting on top of prime real estate!  Our location between Washington D.C. and Richmond is ideal for commuters and families.  Our prices are the lowest they have been in years and interest rates are wonderful!  It is still a great time to buy and sell and we don’t anticpate the lack of the tax credit to be a huge impact on activity in our area.  While our crystal ball has been in the shop and we don’t know exactly what the future holds, we look forward to a wonderful season and hope that the worst is behind us!

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

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

Caroline County, VA Year-End Market Report – 2/1/10

Caroline County had some very significant changes between the year 2008 and 2009.  I know last year was a very difficult year in Caroline for many homeowners, as one of the biggest obstacles to buying and selling was receiving an appraisal that supported a contract’s sales price.  At the beginning of last year, homes took a long time to sell and the process appeared daunting.  On the other hand, Caroline County reported steady job creation in 2009 and hopefully that will continue into this year.

The following year-in-review statistics prove that 2010 should start writing its story on a new page.

In Caroline County, closed sales increased 45.5% and the average days on market decreased 53.3%,  which is great news.  Homes that are priced right, in good condition, and in a good location are starting to sell much quicker.  The percentage of original sales price increased 9.6%, meaning sellers are receiving much better offers.

You must be under contract by April 30, 2010 and close by June 30, 2010 to receive the Federal Tax Credits for first-time homebuyers and move-up buyers.  The phone is ringing again and houses are being shown left and right.  2010 is off to a great start.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

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

Caroline County, VA Market Report – 10/6/09

The following statistics reflect the market conditions in Caroline County, Virginia:

• New listings: 81
• Closed Sales: 38
• Pending sales 22
• Median sales price $135,00
• Percent of original price at sale: 90.8%
• Average days on market:135
• Total inventory (residential): 246

Caroline is a mostly rural county that is located south of Fredericksburg. According to the Associated Press monthly analysis, it is among the top five counties in the United States with the most improved foreclosure rate between July and August 2009.

As with most local markets, Caroline is showing an increase in the percent of original sale price received at settlement, up to 90.8% in August from 88.8% in July of this year. Additionally, available inventory is remaining steady.

One of the reasons for the relatively healthy market in Caroline County is the availability of homes in several lake-oriented communities that appeal to buyers across the board in the entry-level, retirement, and second-home categories. The area also allows for a reasonable commute to Northern Virginia, Fredericksburg, and Richmond.

The new home market in Caroline is also showing signs of recovery due to affordability and location. Previously overlooked, buyers are beginning to discover this less densely populated area with country charm.

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

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