Southern Region Market Snapshot November 2015

Virginia’s Southern Region

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 November 2015 is as follows:

For the month of November 2015, the Units Sold decreased over the preceding month of October 2015, yet remained flat with November 2014 with 119 units. The Average Sold Price for all home types reported in this Southern Region for November 2015 was $274,288 which increased over the preceding month of October 2015 and increased over November’s last year (LY) average sold price of $268,599 with a gain of 2.12%. The Average Days on the Market for the month of November 2015 saw a decrease over November 2014’s 95 days to November 2015’s reported 87 days, a decrease of -8.42% in Average Days on the Market for November 2015. The ratio of Average Sold Price to Average Original List Price had a .59% change from November 2014 to November 2015, coming in at 93.5%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in November 2015 was $282,597 versus $275,992 from November 2014, marking yet another area that saw a small increase of 2.39% in Detached Average Sold Prices over November 2014; roughly a $2400 increase over the preceding month of October 2015, which came in at $280,119.

The Southern Region housing market remained steady in November 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 the charge in Buyer financing options; with VA Loans and Cash Buyers coming in third and fourth respectively.  Home sales continue to outpace last years levels in November 2015.  As we approach this holiday season with mild temperatures in the Southern Region, real estate activity remains active.  Active inventory fell slightly in November 2015 from last year’s levels; with new listings making a small gain.

Active Listing housing inventory for Spotsylvania County in the Southern Region of Virginia decreased over the previous month to 613 for November 2015, with 171 of them New Listings.

Buyer closing cost assistance continues to average around 3%-4% 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 amid this last quarter of 2015.  Seller’s in Spotsylvania County saw a decrease in the number of Days on the Market for their homes that sold in November 2015.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in January 2016 for Spotsylvania County’s December 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