The following totals represent the market in Stafford County, Virginia:
|Median Sale Price||$280,000||$240,500||$227,000|
|Average Days on Market||109||70||82|
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