Spotsylvania County Market Report – 10/10/12

10 Oct
October 10, 2012

The latest market statistics we have are from August.  As you will see, August was in interesting month.  Overall the market was nice and busy, but we did experience a little lull and numbers aren’t quite as impressive as September’s will be.  Listings were down -5.88%, which has been a common trend as we are still experiencing a 5 year low for inventory.  Closed sales and pending sales were down a little and the sold dollar volume was down a bit too.

With that being said, days on market decreased (which is what we want to see!) down to an average of 66 days on the market!  Houses that are in the first time home buyer price range are typically selling much quicker than that. Buyers who are in that part of the market have to watch it like a hawk as inventories are that low in that price range.

Please read on for more stats:

AUGUST

2012

2011

+/-

New Listings

224

238

-5.88%

Closed Sales

140

157

-10.83%

New Pending Sales

173

194

-10.82%

Median Sales Price

$206,000

$187,000

10.16%

Avg SP to OLP Ratio

95.3%

93.8%

1.58%

Days on Market until sale

66

75

-12.00%

Detached Units Sold

131

137

-4.38%

Attached Units Sold

9

20

-55.00%

Sold Dollar Volume

$30,902,455

$33,030,688

-6.44%

Avg. Sold Price

$220,732

$210,387

4.92%

Avg. List Price for Solds

$223,907

$217,111

3.13%

Ratio of Avg SP to Avg OLP

95.3%

93.1%

2.30%

Attchd Avg Sold Price

$114,489

$124,117

-7.76%

Detached Avg Sold Price

$228,031

$222,981

2.26%

Active Listings

576

658

-12.46%

New Under Contracts

72

96

-25.00%

New Contingents

101

98

3.06%

Total Pendings

389

399

-2.51%

The median sales price in Spotsylvania increased 10.16% and the average sales price compared to the original list price increased 1.58% to 95.3%.  What that means is on average, sellers are receiving 95.3% of their original list price.  Remember, that is an average!  Sellers who have homes in competitive price ranges that show well, are in good condition and are in good locations are receiving 98-100% of their list price!  That number has also risen about 5.0% approximately 5 years ago.  As you can tell, now is a GREAT time to sell and with rates being as low as they are, it is also a GREAT time to buy!

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

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

Tags: , ,
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply