The sun is out, the birds are chirping and we are all enjoying a beautiful spring so far! The local real estate market is hopping!
Buyers are out enjoying historically low interest rates and Sellers are seeing quicker sales. Our area is starting to see Corporate Relocation pick up, while still experiencing short sales and foreclosures.
Here are the latest statistics:
STAFFORD MARKET STATS
|New Pending Sales||217||220||-1.36%|
|Median Sales Price||245,000||210,000||16.67%|
|Avg SP to OLP Ratio||94.4%||92.5%||2.07%|
|Days on Market until sale||67||74||-9.46%|
|Detached Units Sold||87||107||-18.69%|
|Attached Units Sold||20||36||-44.44%|
|Sold Dollar Volume||26,812,886||34,039,505||-21.23%|
|Avg. Sold Price||250,588||238,038||5.27%|
|Avg. List Price for Solds||254,770||243,123||4.79%|
|Ratio of Avg SP to Avg OLP||94.3%||92.9%||1.49%|
|Attchd Avg Sold Price||179,859||165,356||8.77%|
|Detached Avg Sold Price||266,847||262,493||1.66%|
|New Under Contracts||93||91||2.20%|
There are two statistics that stand out the most:
1. New listings are up 18.07% which is amazing as listings are down in the Fredericksburg area as a whole.
2. Stafford’s median sales price is up 16.67%. For those of you out there who are waiting to see if prices are still going down, please review the trends over the last 9 months especially. Prices are not coming down in our area!
Days on market decreased -9.46%. Houses that are priced right, show well and are in good locations are selling quickly! Stafford’s average sold price increased 5.27% and the average sales price to list price ratio went up 2.07%.
What does all this mean? This means that this is the best spring that we have seen in several years! If you are looking to buy or sell, now just might be the best time for you to do it! Happy Spring!
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
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