Stafford County, VA Market Report – 11/14/11

New listings in our market place have just dropped to a year low!  They have dropped 19.09% since this same time last year. What does this mean?

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

Stafford County, VA Market Report – 9/14/11

Things are very interesting in Stafford right now.  The latest statistics are very indicative of what we as Realtors were feeling in Stafford last month.

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!

Stafford County, VA Market Report – 7/11/11

This time last year, first time homebuyers were frantically trying to make sure they could close on their home of choice by June 30th so that they could make sure and receive their first time homebuyer tax credit!

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, VA Market Report – 4/27/11

Our spring market in the Fredericksburg region has been much hotter than our weather!  Buyers are out taking advantage of great interest rates and housing prices.  Sellers are able to take advantage of low housing inventories and somewhat stable prices.  We experienced a very busy start to our year that has been very steady up until the beginning of April.  We had a little lull the first part of this month, most likely due to the worry of the government shutting down, but we are now starting to pick back up again!

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

Stafford County, VA Market Report – 3/22/11

Happy Spring!  It is so nice to see some sunshine and to feel the warmer weather!  It seems like it was a REALLY long winter!  The 2011 spring real estate market is starting off nice and strong!  Our market is blossoming just like some of the early flowers, making us feel more hopeful that real estate in our area is a little more stable than other parts of the country.

The reality is that houses are still going into foreclosure and people are still having difficulty in working with some banks in regards to loan modifications and short sales.  In our area, foreclosures are lower than they have been in a long time.  We are still seeing them, but short sales seem to be going through more than in the past, resulting in less bank owned properties.  Prices are rising ever so slightly enabling some people to be able to sell their homes outright, when maybe they couldn’t afford to do so a year or two ago.  Rates are still low and we are seeing many Buyers who are able to afford to buy a new home rather than rent.

Speaking of rental prices, rents are going up in our area.  There are not as many rentals out there as there are Renters.  Many people who have gone through short sales and foreclosures over the last couple of years are not able to qualify for financing yet and therefore need to rent.  We are seeing multiple applications come in on properties, therefore making the rental process more competitive.  With all of this being said, it is a great time for Renters to examine their financial situation and see if it is a good time to buy!  In our area, there are many cases where people are paying as much or MORE for rent than they would be for a mortgage!

To sum it up, spring time is here and so is our spring real estate market!  Units sold are up, new pending contracts are up and median sales prices are up!  Hopefully this trend will continue and 2011 will be a better real estate year for everyone!

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

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

Stafford County, VA Market Report – 2/28/11

Stafford County is off to a very interesting start this year!  Our market started to pick up in November 2010 and has been getting stronger with each month that passes!  Houses that are priced well, are in good condition and in good locations are really seeing a lot of showings and are going under contract much quicker than they were this time last year.

With that being said, the following statistics are a bit interesting. They really don’t reflect what we are “feeling” and “seeing”. However, next month’s statistics should show what we are now buzzing about!

January 2011 numbers compared to January 2010 numbers are surprisingly down!  Sold dollar volume, average sold price, median sold price, units sold, average list price for solds, average sold price to list price ratio, and average sold prices for both detached and attached homes are all down.  Days on market actually increased slightly by 1.41% which is crazy!

With that being said, active listings are slightly up (we still have a shortage of inventory though!), new under contracts are up by 30.30%, new contingents are up 119.51%!!! and new pendings are up 64.49%!  These are some pretty big numbers and show that a very strong spring market is upon us!

If this activity keeps up, 2011 should be a very good year in real estate!

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

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