Spotsylvania County Market Report – 6/27/11

27 Jun
June 27, 2011

Summer is here and our market is HOT!  Buyers are out looking for just the right house and houses that are priced at market value, are in good condition and in good locations are selling!

Our May statistics are going to be a little “plastic” in comparison to this same time last year.  As you may recall, we still had the first time homebuyer tax credit last year.  It did make a big difference in our market and even though our market is very strong now, the statistics in most instances are down compared to this same time last year.

Don’t let the numbers throw you off too much because anyone who has participated in this market in the recent past can tell you that if you find the house you want, you need to move on it!  If you have a house to sell, price it right and it will!  Here is the latest:

MAY
2011 2010 +/-
New Listings 251 236 6.36%
Closed Sales 138 174 -20.69%
New Pending Sales 210 133 57.89%
Median Sales Price 189,500 195,000 -2.82%
Avg SP to OLP Ration 91.7% 92.7% -1.08%
Days on Market until sale 94 75 25.33%
Detached Units Sold 129 154 -16.23%
Attached Units Sold 9 20 -55.00%
Sold Dollar Volume 28,741,097 37,438,838 -23.23%
Avg. Sold Price 208,269 215,166 -3.21%
Avg. List Price for Solds 216,321 219,245 -1.33%
Ratio of Avg SP to Avg OLP 92.0% 92.1% -0.08%
Attchd Avg Sold Price 105,467 143,463 -26.48%
Detached Avg Sold Price 215,441 224,478 -4.03%
Active Listings 714 717 -0.42%
New Under Contracts 79 96 -17.71%
New Contingents 131 37 254.05%
Total Pendings 446 458 -2.62%

If you notice, every number was down except for new listings!  I think this shows that some Sellers are now able to enter the market place when maybe they weren’t able to a year or two ago.

While median sales price shows a decrease, Spotsylvania ended 2010 with a slight increase.  While these numbers are interesting to contemplate, don’t put too much emphasis on any of them!  If you start following our monthly trends I do believe you will see the numbers continue to be steady and lean towards the favorable side of things!

Employment rates are above the national average in our area, sales prices are still down and interest rates are still LOW!  Rental prices are increasing and the availability of rental units are decreasing due to the demand.  Homeownership in our area is still a great investment and the opportunity has never been better!

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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