Spotsylvania County Market Report – 6/4/10

Our crystall ball is officially in the shop getting worked on!  Today’s real estate market is constantly changing.  We used to have a pretty good idea what the next couple months were going to look like in any given year, but nowadays, that is simply not the case!

April of 2010 offered many promising statistics.  What will really be interesting to see is what happened in May when those stats finally arrive.  April was the last month for a Buyer to ratify a contract and qualify for the tax credit.  It was an extremely busy month and houses were selling left and right.  As soon as May arrived, everything slowed down considerably.  The very end of the month started to pick up again and as I write this, we are feeling like we are getting back to an even pace.  Here are the stats for April:

As you can see, inventory dropped dramatically!  New listings and pending sales saw a subastantial increase, while closed sales dropped.  This could be due to the amount of time many short sales are taking to close.  The average days on market decreased 40.4%!  While all of these statistics show that houses are selling quicker and Sellers are receiving higher offers, the very best statistic is the one showing the median sales price increased +9.5% in April!

Spotsylvania’s spring market is just what the doctor ordered!  Now is still a great time to buy with sales prices and interest rates being so low!  It’s also not a bad time to sell as days on market are steadily decreasing and Sellers are receiving much better offers.  We hope you all enjoy your summer and we will let you know when we get our crystal ball back!

Spotsylvania County Market Report – 4/22/10

Spring time is here!  The market in Spotsylvania is very active right now with low priced listings selling super fast, median sales price slightly up over last year at this time, and inventory quickly shrinking! 

While it appears we have a good amount of listings that came on in March, we are down 29.9% compared to last year for single family homes and down 52.2% for town homes/condos.  We are down 4.8% in new listings for the year.  In the low price ranges, this means stiff competition for first time home buyers seeking to find that new home in a good location and in good condition.  Multiple offers are typical and prices are escalating to win those homes!  In higher price ranges, activity is good, days on market have decreased and percent of sales price received at time of offer has increased!

Here are our latest stats for Spotsylvania County:

Remember, there are only 9 days left to write a contract and be eligible for the first time homebuyers’ tax credit and the move-up tax credit!  There is still time to find that great house!  It is also a great time to list your home (especially if it is a regular sale) as there are many Buyers out there who are looking for that very thing!  Happy Spring!

Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.

Search for Home in Spotsylvania County: www.averyhess.com

Spotsylvania County Market Report – 3/29/10

The Spotsylvania area market has definitely rebounded from the snowy beginning to 2010. Buyers seem to be coming out in droves, especially in the $200,000 and under pricepoints.  We are in a very interesting time now as our inventory is down considerably, houses are not staying on the market for nearly as long as they were last year, and buyers are trying to make sure they go under contract by April 30th if they qualify for the tax credit. 

Here are our most recent stats for Spotsylvania County for the month of February: 

• New listings down 27.4%.
• Closed Sales down 4.7% over February 2009.
• The Percent of Original Sales Price Received at Sale rose by a healthy 9% to 95.3%.
• Average Days on Market fell 43.4%.
• Average DOM 66 days

There has also been a small drop in Median Sales Price, down 4.5% to $177,600.

Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.

Search for Home in Spotsylvania County: www.averyhess.com

Spotsylvania County, VA Market Report – 1/4/10

Through November 2009, 2,788 homes came onto the market in Spotsylvania County, an 8.3% decline from the 3,411 homes that were available through November of 2008.  This is a big shift that buyers in Spotsylvania have to get used to for the time being. Inventory has decreased this year because of the diminishing number of foreclosures on the market.  Will that change in 2010?  We’ll have to wait to see.  In the meantime, buyers need to stay aggressive in making offers once they find what they are looking for.

Here are the latest statistics for Spotsylvania County, Virginia:

There are several big changes from 2008. First, in November of 2009 we had 690 active listings, which includes all single family and attached homes among all price ranges in Spotsylvania County.  This 39.4% drop means there are not as many houses to choose from as there were in the recent past.  We have been seeing multiple offers on homes in low price ranges that are priced well, show well, and well-located. Also, with with the median sales price decreasing  $26,500, prices are favorable for first-time homebuyers and investors.

This is not just a market for buyers, sellers should take notice because the average number of days it took to sell has dropped 37.2% to an average of 76 days on the market, which is just over two months! Meanwhile, the percent of sales price received at closing compared to original asking price has also increased 6% to 94.7% of the asking price.  While sellers still need to pay at least a portion of the closing costs, it’s not nearly as much before.  If you are a seller, find out how much your home is worth because now might be a better time to sell than you think.

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

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

Spotsylvania County, VA Market Report – 9/23/09

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

Spotsylvania County, VA Market Report – 9/8/09

The following data reflect the state of the real estate market in Spotsylvania County, Virginia:

• New Listings – 288
• Closed Sales – 173
• Pending Sales – 225
• Median Sale Price – $211,000
• Average DOM – 99

The number of new listings in Spotsylvania County has seen a roughly 20% decrease for the month compared to July 2008. However, there is a 22% increase in pending sales year-to-date in 2009 compared to same period last year. Although the median sale price for July 2009 shows a decrease of about 16% over last year’s July price, the average days spent on the market from listing to contract shrunk from 139 days in July 2008 to just 99 days, a drop of almost 30%.

Meanwhile, inventory in residential properties continues to decrease, down to 730 from last year’s 1,309. As with the market in general, much of the inventory decrease is due to banks and investors holding off on foreclosures, plus the reluctance of sellers to attempt a sale unless there are pressing circumstances.

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

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