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.
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.