Spotsylvania County Market Report – 6/4/10

04 Jun
June 4, 2010

Our crystall ball is officially in the shop getting worked on!  Today’s real estate market is constantly changing.  We used to have a pretty good idea what the next couple months were going to look like in any given year, but nowadays, that is simply not the case!

April of 2010 offered many promising statistics.  What will really be interesting to see is what happened in May when those stats finally arrive.  April was the last month for a Buyer to ratify a contract and qualify for the tax credit.  It was an extremely busy month and houses were selling left and right.  As soon as May arrived, everything slowed down considerably.  The very end of the month started to pick up again and as I write this, we are feeling like we are getting back to an even pace.  Here are the stats for April:

2009 2010 Change
New Listings 244 320 31.10%
Closed Sales 171 151 -11.70%
Pending Sales 208 285 37.00%
Median Sales Price $174,450 $191,000 95.50%
% of Original List Price at Sale 90.80% 93.90% 3.40%
Average Days on Market 95 57 -40.40%
Single Family Detached Inventory 812 623 -23.30%
Townhouse Inventory 112 65 -42%

As you can see, inventory dropped dramatically!  New listings and pending sales saw a subastantial increase, while closed sales dropped.  This could be due to the amount of time many short sales are taking to close.  The average days on market decreased 40.4%!  While all of these statistics show that houses are selling quicker and Sellers are receiving higher offers, the very best statistic is the one showing the median sales price increased +9.5% in April!

Spotsylvania’s spring market is just what the doctor ordered!  Now is still a great time to buy with sales prices and interest rates being so low!  It’s also not a bad time to sell as days on market are steadily decreasing and Sellers are receiving much better offers.  We hope you all enjoy your summer and we will let you know when we get our crystal ball back!

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