Spotsylvania County Market Report – 1/24/12

24 Jan
January 24, 2012

December ended with a bang!  While December is typically a slow month, the last couple of years have changed a bit.

Spotsylvania ended the year with an 18.75% increase in closed sales, a 5.58% increase in median sales price, a -17.86% reduction in days on market and a 21.21% increase in detached units sold!  That is fantastic news!

Sales rose, days on market declined and median sales price increased!  That is what needs to start to happen for us to ever begin to see a true recovery.

Read on for more stats:

DECEMBER
2011 2010 +/-
New Listings 141 151 -6.62%
Closed Sales 133 112 18.75%
New Pending Sales 128 142 -9.86%
Median Sales Price 190,000 179,950 5.58%
Avg SP to OLP Ratio 92.8% 91.9% 0.75%
Days on Market until sale 69 84 -17.86%
Detached Units Sold 120 99 21.21%
Attached Units Sold 13 13 0.00%
Sold Dollar Volume 26,728,776 23,018,084 16.13%
Avg. Sold Price 200,976 205,519 -2.21%
Avg. List Price for Solds 207,107 210,239 -1.49%
Ratio of Avg SP to Avg OLP 92.8% 91.0% 1.97%
Attchd Avg Sold Price 108,615 126,177 -13.92%
Detached Avg Sold Price 210,981 215,937 -2.30%
Active Listings 527 696 -24.28%
New Under Contracts 66 80 -17.50%
New Contingents 62 62 0.00%
Total Pendings 310 322 -3.73%

One stat that has continued to be the same for quite some time, not only in Spotsylvania but in surrounding counties as well, is that we need more listings!

New Listings were down -6.62% and active listings were down -24.28%.  This has been the same story month after month. There are so many Buyers out there and many of them are just waiting for the right house to come on the market. If you are considering selling now is a great time to do it!

Foreclosures and short sales are still popping up everywhere. Banks are being very strict in making sure they receive no less than market value on the sales they are involved in, so that is helping with our prices. Many short sales are going through – so if you are having trouble making your payments, make sure and contact an experienced Realtor who can help you avoid foreclosure.

January is off to a great start!  We are expecting a great spring and this is a great time to jump into the local market!

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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