Spotsylvania County Market Report – 11/15/12

15 Nov
November 15, 2012

The holidays are quickly approaching!  Most people think that the real estate market slows down during the holidays, but if this year is anything like last year, they will be proven wrong.

Our market goes through several surges throughout the year and we are still in one now.  Typically our market slows in October and November in election years, but that didn’t happen this year.

Interest rates are still hovering at a historic low and Buyers are really taking advantage of this opportunity. As you will see in the following statistics, if you are thinking about buying or selling, now might be the perfect time for you after all!

OCTOBER

2012

2011

+/-

New Listings

221

175

26.29%

Closed Sales

143

126

13.49%

New Pending Sales

178

183

-2.73%

Median Sales Price

186,500

178,000

4.78%

Avg SP to OLP Ratio

94.2%

92.8%

1.52%

Days on Market until sale

59

82

-28.05%

Detached Units Sold

126

111

13.51%

Attached Units Sold

17

15

13.33%

Sold Dollar Volume

30,627,920

26,248,384

16.68%

Avg. Sold Price

214,181

208,321

2.81%

Avg. List Price for Solds

219,120

215,505

1.68%

Ratio of Avg SP to Avg OLP

93.9%

91.7%

2.37%

Attchd Avg Sold Price

116,446

127,422

-8.61%

Detached Avg Sold Price

227,368

219,253

3.70%

Active Listings

526

614

-14.33%

New Under Contracts

63

83

-24.10%

New Contingents

115

100

15.00%

Total Pendings

379

359

5.57%

There are three really important numbers you need to concentrate on in the above graph.

Listings in Spotsylvania County were up 26.20% year over year!  Wohoo!  This is GREAT news as we haven’t seen a number like that in a long time!  We are still at a five-year low for inventory and we need more houses for Buyers to choose from.

Closed sales were also up 13.9%.   Closed sales will continue to go up with more inventory to choose from and with rates staying as low as they are.  In most instances, Buyers are able to pay less on their mortgage than they would be paying in rent right now.

The median sales price also increased 4.78%, so as you can see, prices are NOT going down.  Don’t worry about the pending sales percentage declining 4.78%.  There is always a little of that with an election and I do think we will see November rebound from that.

Hope you enjoy your holidays and remember it might be a great time to consider hanging your stocking on a new mantle this year!

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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