We are really at such an interesting time in real estate. Well, I guess that is one word you can use to describe it! Our monthly statistics are all over the place. One month it looks like we are going to head towards a trend and the next month the numbers are all different!
As a region, our inventories are very low. Spotsylvania has a 24.91% decrease in new listings since this same time last year. Our market really needs some good new listings (preferably resales by private owners)! If the inventories continue to trend down, interest rates stay low and the Buyers continue to increase. In turn, we will start to see a more stable market, which will eventually trend towards more of a Buyers’ market. While this may seem far off, it might be closer than we all anticipate if the above factors remain the same.
While closed sales are up slightly and new pending sales are up, so are days on market and average sales price to average original list price. See the following chart for a good picture of our current market:
|New Pending Sales||191||155||23.23%|
|Median Sales Price||195,450||199,900||-2.23%|
|Avg SP to OLP Ration||94.0%||93.5%||0.50%|
|Days on Market until sale||93||68||36.76%|
|Detached Units Sold||140||121||15.70%|
|Attached Units Sold||8||12||-33.33%|
|Sold Dollar Volume||33,744,703||30,051,706||12.29%|
|Avg. Sold Price||228,005||225,953||0.91%|
|Avg. List Price for Solds||232,555||232,250||0.13%|
|Ratio of Avg SP to Avg OLP||93.3%||93.0%||0.31%|
|Attchd Avg Sold Price||136,744||134,546||1.63%|
|Detached Avg Sold Price||233,220||235,018||-0.77%|
|New Under Contracts||80||114||-29.82%|
While days on market are up and median sales prices are slightly down, this is a great time to list your home!
In a market like this, if you are priced right, in a good location, can show your home better than the average listing and have a great agent on your side to market your property to the masses, you will be successful!
As I said above, inventories are low and the market likes new participation. If you are struggling keeping your home, talk to an agent about doing a short sale. The banks are facilitating short sales at a much better pace than in the past and the success rate for short sales are on the rise. In many cases, deficiency judgments are being excused and a good, experienced short sale agent will be able to help guide you through the process.
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
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