Stafford County, VA Market Report – 5/27/10

Things are changing here in Stafford County!  I have some pretty promising information to share with you!  The real estate statistics in April were great compared to this same time last year!  Once everyone recovered from the blizzard, people had a lot of making up to do in March and April!  Since the deadline for qualifying for the tax credit was April 30th, many people made the most of the opporuntity and it showed in our market activity.

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

Stafford, VA Market Report – 2/24/10

January was quite a month…of snow that is! It’ll be challenging to compare last month to January 2009 or to even guage how this market is progressing so far this year because of the extreme weather we’ve had.  We received three weekends of snow that made it very difficult for prospective buyers to view available inventory.  On the other hand, the weather also made it hard for sellers to list their homes. New listings and pending sales were not what we had expected, however days on market, available inventory, and percent of original list price received at sale were all very promising.

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

Stafford, VA Year-End Market Report – 1/21/10

2010 has started off with a bang.  The phone is ringing and properties are being shown, but don’t forget you must be under contract by April 30th to receive the Federal Housing Tax Credit for first-time and move-up homebuyers.

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

Stafford, VA Market Report – 12/23/09

Stafford County saw approximately 800 new jobs added in the first two months of the third quarter of this year. Steady employment in Stafford and the surrounding area will help maintain and eventually increase demand for housing in this Washington, DC bedroom community. The following information represents the real estate market in Stafford County, Virginia in November 2009:

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

Stafford County, VA Market Report – 9/15/09

The following totals represent the market in Stafford County, Virginia:

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

Stafford County, VA Market Report – 9/1/09

Today, let’s take a look at the latest market results from Stafford County, Virginia:

• 259 New Listings
• 159 Closed Sales
• 214 Pending Sales
• $240,500 Average Sale Price
• 70 Average DOM  (Days on Market)

Generally, market activity in the Washington, DC suburbs greatly influences the Stafford County housing market.  This is true now, as increased buyer activity has depleted inventory in Northern Virginia—resulting in a pick-up in Stafford, Fredericksburg and Spotsylvania.

Current figures further reflect this relationship, as inventory in Stafford County has seen a reduction of over 50% from last year, and an almost 30% rise in pending sales.  Also, the average number of days that a house spends on the market has dropped from 132 at this time last year, to just 70 days in July 2009.

Both Stafford and Spotsylvania Counties are experiencing an increase in buyer activity, most likely motivated by the first-time buyer tax credit and low interest rates.  Many of the more affordably-priced properties are generating multiple offers, and some are even selling over list price.

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

Search for Homes in Stafford County, Virginia: www.averyhess.com