This means that we need more good inventory on the market!  Houses that are priced right, show well and are in good locations are selling!

For example, our office just listed a beautiful home for $269,900 (which was on the higher end of an acceptable list price for the property) and it went under contract in 48 hours!  The average sales price to original list price percentage has actually increased by 1.78% to 95.3%, which is most likely due to the lack of inventory.  Remember, it has a lot to do with supply and demand!

With interest rates as low as they are, Buyers are out there!  With the lack of inventory, Buyers are having to act quicker and make better offers to secure the home of their dreams!  If inventory stays as low as it is and more Buyers continue to enter the market place, you will begin to see prices stop dropping, begin to even out, and eventually with the same scenario, begin to increase!

Here are other statistics for the month of October:

STAFFORD  MARKET STATS

Closed sales were up, new pending sales were way up, detached and attached units sold increased and days on market decreased by 10%!  These are all important and exciting statistics!

And please don’t let the holidays fool you!  Our market is BUSY and interesting things are happening around here!  If you are considering selling, it is time to get off the fence and consult a professional to give you advice on your individual situation!  If you are a Buyer, take advantage of these historically low interest rates and get on out there.   Now is a great time to start looking for a new place to call home!

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

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

It is very interesting to me that we are seeing these statistics as rates have been hovering around historic lows and there are lots of Buyers in the market place.  It seems as though many people are waiting for exactly the right house to come on the market and just haven’t been able to find what they are looking for.

Our inventories are so low, not just in Stafford, but in the surrounding areas as well that there are not a lot of new houses for people to look at, at any given time.

I think the last couple of weeks have been tough for people who have been considering putting their homes on the market!  No one really wants to do that during an earthquake, hurricane or even the first week or two of school if they can help it!   Please read on for the latest stats:

One of the only positives you can take away from the latest numbers are the average sales price to list price ratio.  Over the last year this number has continued to slowly creep up.  That is a great sign for Sellers who price their home well!

Don’t let these numbers discourage you!  We are still way better off than many parts of the country and our market is feeling much better overall!  New inventory will really help our market.  If you are considering selling your home, make sure and speak to a good, professional Realtor.  You may be surprised that now is a good time for you to sell!

Houses were selling left and right, prices were escalating in some instances and the market was extremely busy!

Flash forward to now and in Stafford County you are seeing houses that are priced right to sell!  You are seeing buyers having to make decisions so they don’t lose out on the home that they love!  You are seeing low rates and foreclosures dwindling, but short sales are continuing to be a large part of the market.

The statistics between last year and this year are hard to decipher due to that tax credit.  But considering there was the incentive last year, our numbers are quite good!

Closed sales were up in May and new pending sales were up enormously!  That is huge considering what we discussed above.

Unfortunately, average sold prices were down slightly as well as median sales price.  While that was the case, total sold dollar volume was still up.

What does this mean for you?  This means that if you are a seller looking to put your home on the market, go for it!  New listings are down and the market needs more good homes!  If you are a buyer, take advantage of the low prices and amazing interest rates!  Our market is busy and this is a great time to enter the market place!

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

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

Stafford County has some pretty interesting statistics going on.  The last quarter of 2010 we ended with an overall slight median sales price increase.  So far March of 2011 compared to March 2010 the median sales price has decreased -7.8% to a price of $212,000.  New listings are down -29.2% which is a huge decrease.

There really is no rhyme or reason to these numbers considering the amount of sales occurring.  Closed sales are up 14.7% from this time last year and pending sales are up 12.2%!  That is good news and shows that what we are feeling is in fact happening.  Please read on for more statistics:

STAFFORD MARKET STATS

No matter what these numbers say, Stafford is located in a fantastic area between Washington D.C. and Richmond.  We always have a stronger market than other parts of the country due to our proximity to the nation’s capital.  This area has so much to offer that people will continue to want to make Stafford County their home for many years to come!

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

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

As you can see, inventory is continuing to decline.  Once the inventory starts to shrink, days on market go down, percent of original sales price received at sale increases and the market becomes more competitive.  This is definitely the environment we are in now.  The market slowed down just a tad bit at the beginning of May, but we do feel like we are starting to see a momentum shift back in the right direction!  We hope this trend continues and look forward to a nice, active summer market!

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

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

The following table shows statistics for January 2009 in Stafford, Virginia.

One of the most impressive changes is the 9% increase in the amount sellers are receiving for their offers.  Buyers are having to give much better offers to even compete in multiple offer situations to secure the home of their dreams.  Inventory has decreased substantially, which makes homes that are in good locations, in good condition, and priced well highly sought after items.  It will be interesting to see if the decreased inventory level is due to the weather or if our inventory has actually shrunk that much.  Stay tuned.

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

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

Here is our year in review market report for Stafford County, Virginia:

We ended the year with a 23.4% decrease in listing inventory.  Stafford County had 3,574 listings in 2008, but only 2,739 in 2009.  If this trend continues we will start to see a healthier, more even market.

While the inventory saw a decline, the amount of closings in Stafford County increased by 12.6% in 2009.  The amount of pending sales also increased last year from 1,687 to 2,008.  In what is good news for buyers, but not so good news for sellers, the median sales price in Stafford County decreased 16.1% to $230,000.  While prices went down, percent of original list price received at sale went up 3.6% to 93.4% of list price.  The more that inventory continues to decline, the more the ratio of list price to sales price will go up.

Our local market is nice and active and starting off great this year.  Let’s say goodbye to 2009 and look forward to what 2010 has in store for us.

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

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

The Stafford market is currently favorable for buyers. Average sales price has decreased 9% since this time last year, interest rates are low, and in some cases closing costs are being paid for. On the other hand, our listing inventory has decreased 19.3% since last year. And while the amount of foreclosures has been decreasing as well, there are still a good number of short sales, regular sales, and relocations. With that being said, there are not as many homes coming onto the market, so if you see one you love, don’t wait—especially if you are looking at homes priced $200,000 and under.

Another important statistic to pay attention to is the percent of original list price received at sale. In November we saw homes receiving an average of 96.2% of asking price, up 7% from last year. This means that buyers will have to make better offers than they would have made earlier this year due to the decreasing inventory. At the same time, this also means that sellers are receiving close to their original asking price, assuming the home is priced right and shows well.

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

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

These figures show an 18.9% drop in median sale price from one year ago. However, the percentage of original sale price received at sale has increased from 90.8% in August 2008 to 95.7% in the past month . Also, there has been a significant drop in available inventory among single family homes in the Stafford market, down from 978 to 505 in detached houses (-48.4%) and from 215 to 74 in the townhouse/condo category (-65.6%). In addition, the number of days units spend on the market (DOM) is also generally declining. Combined, an increase in percentage of sale price recieved, low inventory, and decreasing DOM reflect the high level of activity in the entry-level price range. Buyers are taking advantage of low prices, favorable rates, and the $8,000 federal tax rebate to become homeowners. People who have been waiting for the bottom of the market may be realizing that the proverbial ship is about to sail and there is no better time to buy than now.

We are also seeing an increase in the number of buyers taking advantage of rehabilitation loans to snap up some of the real bargains among distressed properties–properties that need a little or a lot of repair to be very nice homes. With a good agent and a good lender, this process need not be intimidating, but instead can offer a great opportunity for a first-time buyer.

Stafford County Market Report compiled by Judi Jones, Managing Broker, Avery-Hess, Realtors

Search for Homes in Stafford County, and all the DC Metro: www.averyhess.com

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