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