For those of you who really watch our local markets, you must really like what you are seeing! The majority of houses are moving quickly in our area and our prices are going up.
As a whole, our listing inventory is down, but if you are looking to move to Stafford you might want to look now as new listings are up year over year by 8.55%. While that may not seem like much, any shift upward is a very welcome sign for Buyers who are waiting for more houses to come on the market.
For any of you Sellers who have been watching the market, now is the time to list your home before competition rises and the fall elections are upon us. Take a look at more Stafford stats below:
STAFFORD MARKET STATS
|New Pending Sales||196||230||-14.78%|
|Median Sales Price||253,750||239,375||6.01%|
|Avg SP to OLP Ratio||96.1%||92.9%||3.35%|
|Days on Market until sale||64||77||-16.88%|
|Detached Units Sold||144||124||16.13%|
|Attached Units Sold||24||27||-11.11%|
|Sold Dollar Volume||45,646,939||38,563,946||18.37%|
|Avg. Sold Price||271,708||255,390||6.39%|
|Avg. List Price for Solds||276,525||263,002||5.14%|
|Ratio of Avg SP to Avg OLP||95.6%||92.6%||3.20%|
|Attchd Avg Sold Price||167,981||151,167||11.20%|
|Detached Avg Sold Price||288,996||278,106||3.92%|
|New Under Contracts||83||94||-11.70%|
As you can see, new listings are up, closed sales are up and the median sales price is up! How nice to be able to report increases versus decreases!
While the new pending sales were down slightly, I believe you will see that number bounce back up in June. May was a little funny as it felt a little slower than the pat months, but June has been super busy leading us into what will hopefully be a strong summer.
Another important number to look at is the average sales price to original list price ratio. It is up to 96.1%! What this number shows is that Buyers HAVE to make great offers due to the lack of inventory and abundance of Buyers/competition. Sellers who list their homes competitively can expect full price offers in certain situations, or very close to full price offers in others. Average days on market have gone down, showing that homes are selling much quicker.
Things are really looking up around here! Hopefully the doom and gloom is mostly over and we can continue to move forward with a nice, busy summer. Short sales and foreclosures are still around so we aren’t completely out of the woods yet, but resources are more readily available than in the past for those who are facing uncertain times. Make sure you contact your local Realtor to find out exactly what this market means for you, and remember that we are always here to help!
Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.
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