April showers bring May flowers and our April market definitely brought us an amazing May market, that is for sure! If you compare what your neighborhood Realtor would have said to you about our market last year at this time, compared to now, I think it would be like night and day! Last year, we were feeling like things were looking a little brighter, certainly better than the years right before. Now we are feeling like we don’t have enough time in the day because our local market is hopping!
Our inventory is still down but we are starting to see more and more regular sales hit the market. This is a great sign as our market has been overwhelmed with short sales and foreclosures over the last few years. We still have those types of properties on the market, but the ratios are looking more favorable for Buyers seeking homes that have been continuously cared for by occupied owners.
New listings in Spotsylvania were only down -3.32% now compared to last year. That is down, but not nearly as bad as some neighboring counties. The average sales price to original sales price ratio increased 15.21%. Days on market has gone down another -13.86% which shows that properties are selling quicker and quicker. Actually, homes in the lower price ranges are selling in a matter of days and for full price!
Both the average sold price and average list price to sold price ratios increased substantially and maybe most importantly for you prospective Sellers out there. The ratio of average sales price to average original list price increased 2.42% to 93.1%! Take a peek below for all the latest stats:
|New Pending Sales||212||219||-3.20%|
|Median Sales Price||195,000||169,250||15.21%|
|Avg SP to OLP Ratio||93.1%||91.%||2.27%|
|Days on Market until sale||87||101||-13.86%|
|Detached Units Sold||138||130||6.15%|
|Attached Units Sold||9||16||-43.75%|
|Sold Dollar Volume||34,901,950||28,396,543||22.91%|
|Avg. Sold Price||237,428||194,497||22.07%|
|Avg. List Price for Solds||245,645||200,227||22.68%|
|Ratio of Avg SP to Avg OLP||93.1%||91.0%||2.42%|
|Attchd Avg Sold Price||125,483||112,313||11.73%|
|Detached Avg Sold Price||244,729||204,612||19.61%|
|New Under Contracts||90||100||-10.00%|
Keep in mind that these are the latest stats available which are the April 2012 stats. Stay tuned for our next report and you will see how much improvement our markets are making on a monthly basis!
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
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