AveryHess, Realtors® Blog

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:

Stafford County Nov-09 Change from Nov-08
New listings 166 -19.3%
Active listings 573 -54.9%
Closed sales 127 3.3%
Median sales price $205,500 -8.7%
Average days on market 70 -40.3%
Percentage of original
sales price received
96.2% 7.0%

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

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