Spotsy Market Update – February 2013
Spring is in the air and the real estate market is beginning to bloom. The February 2013 housing market data for the City of Fredericksburg, Spotsylvania, Stafford, Caroline, Orange, King George, Rappahannock, Culpeper, and Madison Counties is looking bright, as home prices rose 3% compared to February of last year. The average number of days on market has decreased, the inventory of active listings is at its lowest in 13 years, and the median sales price is up 9.5 % from last year, at $208,000. The big question for our region right now is how the budget reductions arising from sequestration...
Read MoreSpotsy Market Update – February 2012
With all the St. Patrick’s Day celebrations this weekend there was green in the air. The February housing market data for Spotsylvania County continues the trend of green with many areas showing positive movement. Year over year, prices are up, units sold is up, and even the ratio of the original list price to the actual sales price made a slight gain. The average number of days on market increased slightly and new pending sales were also down slightly. The decrease in the number of attached homes sold could be an indication that inventory levels are dropping. There are currently only...
Read MoreHow’s the Market? September 2011
Here is the market watch video for the Southern Region for September 2011. This includes the counties of King George, Orange, Stafford, Spotsylvania, Madison, Culpeper, Caroline, Rappahannock, and the City of Fredericksburg. We are turning the corner on 2011 and the last quarter of the year has begun. As we look back at the past 3 quarters in hopes of providing some clarity on what the future holds for the local real estate market there are a few main areas of focus. While home prices continue to decline, inventory is still on a downward trend and pending sales were up year over year once...
Read MoreSpotsy Market Update – September 2011
Here is a quick snapshot of the September housing market in Spotsylvania County. The number of sales for the month were identical to the same time last year, as was the total sales volume. Slightly more than 1/2 of the sales in September were bank mediated (short sales or foreclosures). This is down considerably from this spring when there were more than twice the number of bank mediated sales compared to non-bank mediated. New pending sales are also up 9% year over year. Given the current sales rate, there is about 6 3/4 months of inventory, which brings us closer to a balanced market. Days...
Read MoreHow’s the Market? August 2011
Below is a snapshot of the Southern Region Real Estate market for August 2011. While home prices declined from this time last year, there were some positive signs. Pending sales continue to trend upward and inventory levels are still on a downward trend.
Read MoreSpotsy Market Update – August 2011
The residential housing market for Spotsylvania County in August once again showed hints of positive movement, but results are still mixed. The average sold to list price ratio is still hovering around 93%, which is just over one percent lower than the ratio at this time last year. There were 157 units sold, which was about 14% more than August 2010 and of those sales, 37% of them were bank mediated sales (either short sales or foreclosures). This percentage is slightly less than the 43% rate from last month. Once again, new pending contracts were up about 19% over August of 2010. Months of...
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