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!
|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%|
|New Under Contracts||94||101||-6.93%|
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