Virginia’s Southern Region Market Snapshot for May 2014

The real estate market snapshot is in for Spotsylvania County, VA the month of May 2014 for this Southern Region in Virginia. This area includes the following zip codes: 22407 & 22408 for Fredericksburg, VA; 22508 in Locust Grove, VA; 22553 & 22551 for Spotsylvania County, VA; 22567 for Unionville in Orange County, VA; 22580 for Woodford in Caroline County, VA; 22960 for Orange, VA; and 22534 for Partlow in Spotsylvania County, VA.  The market snapshot for Spotsylvania County, Virginia for May 2014 is as follows:

May 2014

 

For the month of May 2014, the Units Sold crept up every so slightly .59% from 2013’s May units of 170, to 171.  The Average Sold Price for homes reported in this Southern Region for May 2014 was $255,645 which increased ever so slightly 3.55%  from May 2013’s $246,869. The Average Days on the Market for the month of May 2014 saw an increase for a fifth month in a row at 5.26% from May 2013’s 57 days to May 2014’s reported 60 days.  The ratio of Average Sold Price to Average Original List Price maintained consistent with month’s past at 95.7%. The Average Sold Price for Detached homes sold in Virginia’s Southern Region in May 2014 was $262,476 versus $256,662 from May 2013, another area that saw a slight increase of 2.27% in sold prices over last year.

Housing inventory for this Southern Region in Virginia continues to grow at 686 Active Listings for May 2014, 313 of them new listings.

The real estate market statistics for Virginia’s Southern Region for the month of May 2014 confirm that Sellers are still receiving justifiable market offers on their homes. Seller concessions are still averaging around $5300. Multiple offers are making a come back and are already seeing a slight rise again as we enter Summer in Virginia’s Southern Region due to a relatively tight inventory for Buyers. Expect to see the use of escalation clauses within contracts to be on the rise again as well.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com and stay tuned for Spotsylvania County, VA’s Southern Region’s June 2014 Real Estate Market Snapshot to come out mid-July 2014. Sources: rbintel.com, nvar.com

Kelly Gronau Dodson

Kelly Gronau Dodson

Realtor® | e-Pro® | SRES® at Coldwell Banker Elite
REALTOR® with Coldwell Banker Elite in Locust Grove. Licensed in the Commonwealth of Virginia. If you, or someone you know needs to buy or sell a home, please give me a call! 540-287-6807
Kelly Gronau Dodson
Kelly Gronau Dodson
Kelly Gronau Dodson

Latest posts by Kelly Gronau Dodson (see all)

About Kelly Gronau Dodson

REALTOR® with Coldwell Banker Elite in Locust Grove. Licensed in the Commonwealth of Virginia. If you, or someone you know needs to buy or sell a home, please give me a call! 540-287-6807