AveryHess, Realtors® Blog

Spotsylvania County, VA Market Report – 1/4/10

Through November 2009, 2,788 homes came onto the market in Spotsylvania County, an 8.3% decline from the 3,411 homes that were available through November of 2008.  This is a big shift that buyers in Spotsylvania have to get used to for the time being. Inventory has decreased this year because of the diminishing number of foreclosures on the market.  Will that change in 2010?  We’ll have to wait to see.  In the meantime, buyers need to stay aggressive in making offers once they find what they are looking for.

Here are the latest statistics for Spotsylvania County, Virginia:

Spotsylvania County Nov-08 Nov-09 Change
New listings 240 217 -9.6%
Active listings 1,139 690 -39.4%
Closed sales 111 114 2.7%
Median sales price $217,000 $190,500 -12.2%
Average days on market 121 76 -37.2%
Percentage of original
price received
89.3% 94.7% 6.0%

There are several big changes from 2008. First, in November of 2009 we had 690 active listings, which includes all single family and attached homes among all price ranges in Spotsylvania County.  This 39.4% drop means there are not as many houses to choose from as there were in the recent past.  We have been seeing multiple offers on homes in low price ranges that are priced well, show well, and well-located. Also, with with the median sales price decreasing  $26,500, prices are favorable for first-time homebuyers and investors.

This is not just a market for buyers, sellers should take notice because the average number of days it took to sell has dropped 37.2% to an average of 76 days on the market, which is just over two months! Meanwhile, the percent of sales price received at closing compared to original asking price has also increased 6% to 94.7% of the asking price.  While sellers still need to pay at least a portion of the closing costs, it’s not nearly as much before.  If you are a seller, find out how much your home is worth because now might be a better time to sell than you think.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Spotsylvania, and the rest of the DC Metro: www.averyhess.com

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