Stafford County, VA Market Report – 7/11/11

11 Jul
July 11, 2011

This time last year, first time homebuyers were frantically trying to make sure they could close on their home of choice by June 30th so that they could make sure and receive their first time homebuyer tax credit!

Houses were selling left and right, prices were escalating in some instances and the market was extremely busy!

Flash forward to now and in Stafford County you are seeing houses that are priced right to sell!  You are seeing buyers having to make decisions so they don’t lose out on the home that they love!  You are seeing low rates and foreclosures dwindling, but short sales are continuing to be a large part of the market.

The statistics between last year and this year are hard to decipher due to that tax credit.  But considering there was the incentive last year, our numbers are quite good!

MAY

2011 2010 +/-
New Listings 234 246 -4.88%
Closed Sales 151 147 2.72%
New Pending Sales 230 160 43.75%
Median Sales Price 239,375 245,000 -2.30%
Avg SP to OLP Ratio 92.9% 95.1% -2.27%
Days on Market until sale 77 62 24.19%
Detached Units Sold 124 124 0.00%
Attached Units Sold 27 23 17.39%
Sold Dollar Volume 38,563,946 38,444,314 0.31%
Avg. Sold Price 255,390 261,526 -2.35%
Avg. List Price for Solds 263,002 266,117 -1.17%
Ratio of Avg SP to Avg OLP 92.6% 94.9% -2.38%
Attchd Avg Sold Price 151,067 164,083 -7.93%
Detached Avg Sold Price 278,106 279,600 -0.53%
Active Listings 573 635 -9.76%
New Under Contracts 94 101 -6.93%
New Contingents 136 59 130.51%
Total Pendings 481 512 -6.05%

Closed sales were up in May and new pending sales were up enormously!  That is huge considering what we discussed above.

Unfortunately, average sold prices were down slightly as well as median sales price.  While that was the case, total sold dollar volume was still up.

What does this mean for you?  This means that if you are a seller looking to put your home on the market, go for it!  New listings are down and the market needs more good homes!  If you are a buyer, take advantage of the low prices and amazing interest rates!  Our market is busy and this is a great time to enter the market place!

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

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

 

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