Spotsylvania County offers every type of home and community – from suburban planned communities to rural horse properties. This variety makes it a prime area for home buying activity.
Home sales have been steadily increasing this year – up 30.77%! The median sold price is up 11.6% since last year, and the average sales price is up 17.62%. In fact, every statistic except the days on market – the time it takes to sell a home – have risen, but it only takes on average 57 days for a home to sell. This indicates a strong market for all types of housing, sometimes with multiple offers, and prices very close to the list price.
While interest rates have increased slightly, the Spotsylvania
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!
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
April showers bring May flowers and our April market definitely brought us an amazing May market, that is for sure! If you compare what your neighborhood Realtor would have said to you about our market last year at this time, compared to now, I think it would be like night and day!
Well, spring has finally arrived! The weather is amazing, baseball season is here, March Madness is getting ready to be in full swing and so is our local real estate market!
Buyers are out in droves taking advantage of historically low interest rates and finally some of our Sellers are able to list their homes as we start to see sales prices begin to rise! Don't be fooled by what you hear on the national news.
December ended with a bang! While December is typically a slow month, the last couple of years have changed a bit.
Spotsylvania ended the year with an 18.75% increase in closed sales, a 5.58% increase in median sales price, a -17.86% reduction in days on market and a 21.21% increase in detached units sold! That is fantastic news!
Tis the season to be jolly! This won't be the jolliest market report but I can assure you that November's statistics will be far better than October's were.
For some reason October was a very slow month. New listings were very minimal, new pending sales were up but closed sales and pretty much every other stat were down. The phone wasn't ringing as much and both Buyers and Sellers seemed to be sitting on the fence.
November was almost completely opposite where there were new listings, many more new sales and the market really started looking better! That momentum has carried into December and will hopefully continue into the New Year! So with that being said, take these numbers with
Rain, rain go away, come again another day! Boy has this last month been rainy! I don't ever remember a fall quite like this one! I am hoping that the weather has had something to do with our statistics because the numbers are a bit dreary too!
We are really at such an interesting time in real estate. Well, I guess that is one word you can use to describe it! Our monthly statistics are all over the place. One month it looks like we are going to head towards a trend and the next month the numbers are all different!
Summer is here and our market is HOT! Buyers are out looking for just the right house and houses that are priced at market value, are in good condition and in good locations are selling! Our May statistics are going to be a little "plastic" in comparison to this same time last year. As you may recall, we still had the first time homebuyer tax credit last year.