Spotsylvania County Market Report – 8/14/12

14 Aug
August 14, 2012

Believe it or not, the end to summer is right around the corner!  Kids will be going back to school, the weather will start to get a little cooler (thank goodness!) and we will all start to look towards the fall and the upcoming election.

The Fredericksburg area has experienced a nice, solid amount of market activity this summer and is in a strong position to ease us into the fall market.  We have experienced a couple little lulls in activity, as is typical for the summertime, but have rebounded nicely each time.  The stats I am going to provide you are the latest stats available.

Don’t let the numbers throw you off!  There are opportunities galore in these numbers: 

JUNE

2012

2011

+/-

New Listings

203

214

-5.14%

Closed Sales

142

172

-17.44%

New Pending Sales

187

219

-14.61%

Median Sales Price

$198,000

$195,000

1.54%

Avg SP to OLP Ratio

96.1%

92.3%

4.20%

Days on Market until sale

68

91

-25.27%

Detached Units Sold

132

160

-17.50%

Attached Units Sold

10

12

-16.67%

Sold Dollar Volume

$31,655,250

$37,865,532

-16.40%

Avg. Sold Price

$222,924

$220,148

1.26%

Avg. List Price for Solds

$227,261

$227,270

-0.00%

Ratio of Avg SP to Avg OLP

94.9%

92.4%

2.68%

Attchd Avg Sold Price

$123,100

$131,621

-6.47%

Detached Avg Sold Price

$230,487

$226,788

1.63%

Active Listings

546

687

-20.52%

New Under Contracts

73

108

-32.41%

New Contingents

114

111

2.70%

Total Pendings

424

428

-0.93

As you can see, listings are still down and so are interest rates!  Both listings and interest rates are crucial to the real estate market. What does this mean?  This means that this is a fantastic time to list your home!  Prices are steady, if not continuing to increase slightly. The ratio of average sales price to average original list price has increased to 94.9% and days on market has decreased to 68 days, down from 91 a year ago.

These are strong indicators that we are still at a five-year low for inventory.  Buyers are OUT THERE and looking for homes in great locations that show well and are priced within market value.  These homes are selling very quickly!  With that being said, we do sometimes see a change in activity towards the end of October and into the beginning of November in an election year.  As a Seller, I would take advantage of the little surge we are in and would consider listing my home earlier in the season this year.

While closed sales and new pending sales were down a little in June, median sales prices were up and average sold prices were slightly up as well.  When we post July and August stats you will see how we were nice and steady throughout the summer months and will see these numbers improve.  In the meantime, all you Buyers out there should definitely take advantage of these historic low rates and the numerous benefits of home ownership!

Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.

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

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