Happy Spring! Our regional market is off to a great start this spring! Buyers are still coming out in droves and houses are selling!
If you are considering putting your house on the market, now is a great time as inventories are still low and the average list price for solds has increased from this same time last year.
Regular sales are very sought after, especially if the house shows well and is in a good location. Foreclosure opportunities are still out there for buyers but in a much smaller number than the past.
Our local market is very different than the market news you regularly hear on the national media. The Washington metropolitan area and south were way ahead of the curve as far as market trends are concerned.
Our area felt the huge price reductions and the massive amounts of foreclosures and short sales start a couple of years ago. The news is always talking about falling home prices and the rise of foreclosures in parts of the country, and while prices are still a bit all over the place, our area is different than the nationwide average.
Spotsylvania’s average sold price and average list price for solds have both increased compared to this time last year! The average sold price for attached homes (townhomes, etc) and the average sold price for detached home has also increased again! Please read on for our latest stats:
|Feb 2011||Feb 2010||% Change|
|Median Sales Price||165,150||175,000||-5.63%|
|Avg SP to OLP Ratio||91.5%||94.1%||-2.79%|
|Avg Days on Mrkt||78||66||18.18%|
|Attached Units Sold||10||12||-16.67%|
|Detached Units Sold||91||98||-7.14%|
While some of these stats show a slight decrease, new listings are up 13.99% and houses just placed under contract with a contingency are up 64.52%. That shows what a strong month March was and that pace is so far being matched in April. Hopefully this market trend will continue and Spotsylvania will continue to see a thriving Spring Market!
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
Search for Home in Spotsylvania County: www.averyhess.com