Stafford County, VA Market Report – 3/22/11

22 Mar
March 22, 2011

Happy Spring!  It is so nice to see some sunshine and to feel the warmer weather!  It seems like it was a REALLY long winter!  The 2011 spring real estate market is starting off nice and strong!  Our market is blossoming just like some of the early flowers, making us feel more hopeful that real estate in our area is a little more stable than other parts of the country.

The reality is that houses are still going into foreclosure and people are still having difficulty in working with some banks in regards to loan modifications and short sales.  In our area, foreclosures are lower than they have been in a long time.  We are still seeing them, but short sales seem to be going through more than in the past, resulting in less bank owned properties.  Prices are rising ever so slightly enabling some people to be able to sell their homes outright, when maybe they couldn’t afford to do so a year or two ago.  Rates are still low and we are seeing many Buyers who are able to afford to buy a new home rather than rent.

Speaking of rental prices, rents are going up in our area.  There are not as many rentals out there as there are Renters.  Many people who have gone through short sales and foreclosures over the last couple of years are not able to qualify for financing yet and therefore need to rent.  We are seeing multiple applications come in on properties, therefore making the rental process more competitive.  With all of this being said, it is a great time for Renters to examine their financial situation and see if it is a good time to buy!  In our area, there are many cases where people are paying as much or MORE for rent than they would be for a mortgage!

Feb-2011 Feb-2010 %Change
New Listings 187 174 7.47%
Units Sold 119 97 22.68%
New Pendings 208 145 43.45%
Median Sales Price $191,000 $235,000 18.72%
Avg. SP to OLP Ratio 89.8% 93.4% -3.87%
Avg. Days on Market 84 63 33.33%
Detached Units Sold 87 69 26.09%
Attached Units Sold 32 28 14.29%

To sum it up, spring time is here and so is our spring real estate market!  Units sold are up, new pending contracts are up and median sales prices are up!  Hopefully this trend will continue and 2011 will be a better real estate year for everyone!

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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