Southern Region Market Snapshot October 2015

Virginia’s Southern Region

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Spotsylvania County, VA

This area includes the following zip codes:

22407 & 22408 in Fredericksburg, VA
22508 in Locust Grove, VA
22553 & 22551 in Spotsylvania County, VA
22567 for Unionville in Orange County, VA
22580 for Woodford in Caroline County, VA
22960 for Orange, VA
22534 for Partlow in Spotsylvania County, VA

The Market Snapshot October 2015 is as follows:

For the month of October 2015, the Units Sold decreased over the preceding month of September 2015, yet increased over October 2014 with a 8.11% increase in units to 160 from 148. The Average Sold Price for all home types reported in this Southern Region for October 2015 was $268,185, which increased over the preceding month of September 2015 and increased over October’s last year (LY) average sold price of $263,689 with a gain of 1.71%. The Average Days on the Market for the month of October 2015 saw a decrease over October 2014’s 84 days to October 2015’s reported 74 days, a decrease of -11.90% in Average Days on the Market for October 2015. The ratio of Average Sold Price to Average Original List Price had a -0.36% change from October 2014 to October 2015, coming in at 94%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in October 2015 was $280,119 versus $274,211 from October 2014, marking yet another area that saw a small increase of 2.53% in Detached Average Sold Prices over October 2014; roughly a $12,800 increase over the preceding month of September 2015, which came in at $267,292.

The Southern Region housing market remained steady in October 2015.  Housing starts, permits, existing home sales, and pending sales all slowed down a bit. Nationally home prices continue to rise at a rate of 4.5-5.5%.  Despite rising house prices, affordability remains good with interest rates remaining low, hovering around 4-4.50%.  In Spotsylvania County, VA, conventional and FHA loan programs take the lead in Buyer financing options; with Cash Buyers and VA Loans coming in third and fourth respectively.  Home sales continue to outpace last years levels in October 2015, yet amid a mild slow down as we approach the holiday season.  Active inventory fell slightly in October 2015 from last year’s levels; with new listings making a slight gain.

Active Listing housing inventory for Spotsylvania County in the Southern Region of Virginia decreased over the previous month to 685 for October 2015, with 215 of them New Listings.

Buyer closing cost assistance continues to average around 3% of an offer’s sales price in the Southern Region of Virginia.  Buyer demand in the Spotsylvania County continues to exceed last year levels with gains in new contracts and closed sales, although credit remains tight with new lender regulations in place.  In the Southern Region of Virginia, New Listing Activity increased, as Active Listing Activity slowed a bit beginning this last quarter of 2015.  Seller’s in Spotsylvania County saw a decrease in Days on the Market for their homes that sold in October 2015.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in December 2015 for Spotsylvania County, VA’s November’s 2015 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.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

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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