Spotsylvania County Market Report – 10/12/11

12 Oct
October 12, 2011

Rain, rain go away, come again another day!  Boy has this last month been rainy!  I don’t ever remember a fall quite like this one!  I am hoping that the weather has had something to do with our statistics because the numbers are a bit dreary too!

Our new listings have decreased since this time last year.  This is such an amazing fact considering that our interest rates have been hovering at a historical low and that there are still so many Buyers out there!  Our supply and demand is not going to change, and the fact that we are in a Buyers’ market is not going to change, until new inventory starts to saturate our market.  This number in Spotsylvania and the surrounding counties shows that we really do need to have more listings come on the market!

Our closed sales have not changed but our new pending sales are slightly up compared to this time last year.  Our days on market have decreased (this is a good sign!) and our sold dollar volume has increased.  One of the most interesting parts of this month’s stats is the fact that the sale of attached units have increased (this would be townhomes and condos) and the amount of detached units have very slightly decreased.  This shows the amount of first time homebuyers we have in our market place as well as the desire by many to downsize.

Please read on for more stats:

SEPTEMBER
2011 2010 +/-
New Listings 208 222 -6.31%
Closed Sales 147 147 0%
New Pending Sales 152 139 9.35%
Median Sales Price 190,000 199,900 -4.95%
Avg SP to OLP Ratio 91.9% 92.0% -0.08%
Days on Market until sale 81 96 -15.63%
Detached Units Sold 140 141 -0.71%
Attached Units Sold 7 6 16.67%
Sold Dollar Volume 33,492,696 33,471,253 0.06%
Avg. Sold Price 227,841 227,696 0.06%
Avg. List Price for Solds 235,309 233,969 0.57%
Ratio of Avg SP to Avg OLP 91.3% 90.7% 0.71%
Attchd Avg Sold Price 156,485 125,500 24.69%
Detached Avg Sold Price 231,409 232,044 -0.27%
Active Listings 679 821 -17.30%
New Under Contracts 73 92 -20.65%
New Contingents 79 47 68.09%
Total Pendings 350 342 2.34%

As we start moving from the fall and heading into the winter, just remember that our market is still busy!  Don’t let the doom and gloom you hear all over the news discourage you!

Real estate is LOCAL and locally we are far better off than many other regions of our great nation.  We have many Buyers in the market place who are just waiting for that right place to come on the market.

We have Sellers who can finally afford to sell and want to take advantage of the numerous Buyers out there.  We have some banks that are more willing to work with Sellers rather than let them foreclose.  We do see some positives in this glass less than half full atmosphere!  Sometimes we just have to look harder to find them!

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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