November was a very good month in the Stafford region! While closed sales were down compared to this time last year, new listings were up ever so slightly, pending sales rose considerably, the median sales price increased and average days on market decreased!
October was a very slow month, which is typical right before an election, but we rebounded nicely in November. Inventory is still way down and it is very hard for Buyers to find homes in good condition and in their desired locations. The majority of homes on the market are still short sales, with foreclosures coming in second and regular sales coming in last.
While interest rates have been bouncing around, they are still extremely low and Buyers need to take advantage of them! This is not the time to wait and see if prices are going to drop any more as the statistics below show that the median sales price in Stafford has increased by 6% from last year. Even if prices do go down a little more, Buyers will not benefit from waiting if interest rates go back up. Please read on for the latest statistical picture of Stafford County!
|MEDIAN SALES PRICE||205,500||219,250||+6.7%|
|% OF ORIG. LIST PRICE REC’VD AT SALE||96.3%||94.7%||-1.7%|
|AVG. DAYS ON MRKT UNTIL SALE||69||56||-18.4%|
|SINGLE FAMILY DETACHED INV.||599||568||-5.2%|
|TOWNHOUSE CONDO INV.||98||103||+5.1%|
For Year to Date:
YEAR TO DATE
|MEDIAN SALES PRICE||230,000||243,800||+6.0%|
|% OF ORIG. LIST PRICE REC’VD AT SALE||93.2%||95.0%||+1.9%|
|AVG. DAYS ON MRKT UNTIL SALE||89||64||-28.3%|
|SINGLE FAMILY DETACHED INV.||–||–||–|
|TOWNHOUSE CONDO INV.||–||–||–|
Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.