Stafford County, VA Market Report – 6/26/12

26 Jun
June 26, 2012

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

MAY
2012 2011 +/-
New Listings 254 234 8.55%
Closed Sales 168 151 11.26%
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%
Active Listings 531 573 -7.33%
New Under Contracts 83 94 -11.70%
New Contingents 113 136 -16.91%
Total Pendings 413 481 -14.14%

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.

Search for Home in Stafford County: www.averyhess.com

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