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:
|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%|
|New Under Contracts||73||92||-20.65%|
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.
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