Spotsylvania County Market Report – 2/4/11

04 Feb
February 4, 2011

Spotsylvania County’s statistics look a little more lackluster than they actually seemed in the month of December.  The market was really busy during the holidays and houses were getting shown and were selling better than they had earlier in the year.

Spotsylvania’s biggest story is the lack of inventory.  Buyers just don’t have as much to choose from as they once did.  Both new listings and pending sales were down year to date (although they were both up in the month of December compared to last December).  While those numbers were down a little, average days on market significantly decreased.  Houses are not staying on the market as long (especially well priced homes in good condition and in good locations!) causing Buyers to make quicker decisions when they see the house they want!

Don’t let these numbers fool you though!  The reality is our market is BUSY!  You will see this reflected in the upcoming months’ statistics!

Short sales are still making up approximately 50% of Spotsylvania’s active market.  The remaining amount is split between foreclosures (which continue to come on the market, just on a smaller scale than the last two years), regular sales and corporate relocations.  Historically our area has always had a healthy supply of corporate relocation homes.

Unfortunately, corporate relocation has been down significantly over the last year as employees are not able to sell their homes at a profit and take the company relocation.  With prices continuing to rise in Stafford and the northern regions, hopefully this will begin to change.  Please read on for a glimpse at Spotsylvania’s end of 2010 recap:

Spotsylania County

December

2009 2010 Change
New Listings 157 162 +3.2
Closed Sales 136 103 -24.3%
Pending Sales 105 138 +31.4%
Median Sales Price $184,950 $185,875 +0.5%
% of Org. List Price rec’vd @ sale 93.5% 91.5% -2.2%
Average Days on Mrkt 93 87 -6.0%
Single Fam. Detached Inv. 688 636 -7.6%
Townhouse-Condo Inv. 85 63 -25.9%

Year-To-Date

2009 2010 Change
New Listings 2,948 2,929 -0.6%
Closed Sales 1,815 1,694 -6.7%
Pending Sales 1,906 1,818 -4.6%
Median Sales Price $190,000 $190,000 -0.0%
% of Org. List Price rec’vd @ sale 92.1% 93.4% +1.4%
Average Days on Mrkt 95 71 -25.6%
Single Fam. Detached Inv. - - -
Townhouse-Condo Inv. - - -

Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.

Search for Home in Spotsylvania County: www.averyhess.com

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