Well, spring has finally arrived! The weather is amazing, baseball season is here, March Madness is in full swing and so is our local real estate market!
Buyers are out in droves taking advantage of historically low interest rates and finally some of our Sellers are able to list their homes as we start to see sales prices begin to rise! Don’t be fooled by what you hear on the national news. Our market is busy and this could be the perfect time for you to jump off the fence.
With all of that being said, we are at a five-year low for inventory. We are seeing houses sell almost as soon as they hit the market. We are seeing escalation clauses. In some instances we are seeing houses sell for higher than list price! What this means is that if you are a Seller and have some equity in your home, this could be your time to sell. We are seeing some houses push the price barrier and list at the high part of their recommended price range actually sell for that price!
If you are a Buyer, this means that when you see a home you love, you need to act fast and make a good offer! Go ahead and get pre-approved before you start your home search so that when you find your perfect home you will be ready to act.
Here are Spotsylvania’s latest market statistics:
|New Pending Sales||196||200||-2.00%|
|Median Sales Price||184,950||165,150||11.99%|
|Avg SP to OLP Ratio||92.4%||91.5%||0.95%|
|Days on Market until sale||88||78||12.82%|
|Detached Units Sold||113||91||24.18%|
|Attached Units Sold||7||10||-30.00%|
|Sold Dollar Volume||25,147,620||20,585,927||22.16%|
|Avg. Sold Price||209,564||203,821||2.82%|
|Avg. List Price for Solds||213,963||210,429||1.68%|
|Ratio of Avg SP to Avg OLP||90.9%||91.1%||-0.23%|
|Attchd Avg Sold Price||103,514||152,780||-32.25%|
|Detached Avg Sold Price||216,133||209,430||3.20%|
|New Under Contracts||79||98||-19.39%|
As you can see, new listings are down 10.91%. Closed sales are up 18.81% and most importantly; median sales price increased 11.99% from $161,150 to $184,950! Sales prices are not going down so if you are thinking of buying you aren’t going to want to miss out on these low prices while we still have them. Average sales price to list price ratio increased meaning Sellers are receiving even closer to list price than in the recent past and while the average days on market is slightly up, I think you will see that change over the next couple months as well.
Whether you are a Buyer or a Seller, now could be the time for you to enter our market. Make sure you consult a professional Realtor to help you navigate through all that our market has to offer!
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
Search for Home in Spotsylvania County: www.averyhess.com