Spotsylvania County, VA Market Snapshot July 2016

Spotsylvania County, VA

Virginia’s Southern Region
Spotsylvania County, Virginia

This area includes the following zip codes:

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

Spotsylvania County, VA

Spotsylvania County, VA Market Snapshot July 2016:

The Spotsylvania County, VA housing market snapshot shows a market maintained momentum for July 2016 with increases in average sold prices for all homes. Housing starts, permits, existing home sales, and pending sales all remained steady. Nationally home prices continue to rise at a rate of 4.5-5.5%. Despite rising home prices, affordability remains good with interest rates remaining low, hovering around 3-5%. In Spotsylvania County, VA, Conventional, FHA, & VA loan programs take the lead in Buyer financing transactions for July 2016. Home sales continue to outpace last years levels in July 2016. As Summer is in full swing in the Southern Region of Virginia, real estate activity remains on a steady, positive trend.  Active inventory remains tight in July 2016 from last year’s levels; although new listings continue to grow, increasing 4.41% for July.

In Spotsylvania County, VA for July 2016, Homes Sold decreased over the preceding month of June and increased over July of 2015 (LY) with 214 units. The Average Sold Price for ALL home types, detached and attached, reported in Spotsylvania County for July 2016 was $284,571 which increased over the preceding month of June and increased over LY’s average sold price of $272,376 with a gain of 4.48%. The Average Days on Market for the month of July 2016 saw a nice decrease over LY’s 63 days to 2016’s reported 51 days, a decrease of 19.05% in the Average Days on the Market.  The Average Sold Price for Detached Homes only sold in Spotsylvania County, VA for July 2016 was $289,744 versus $282,512 from LY; a gain of 2.56% in Average Sold Prices for Detached Homes over the previous year.  This gain was also over an $11,000 increase over the preceding month of June 2016, which came in at $278,294.

Active Listing housing inventory in Spotsylvania County, VA increased over the previous month to 681 for July 2016, 308 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’s demand in 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 with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.

In Spotsylvania County, Virginia, New Listing Activity increased ever so slightly over LY as Active Listing Inventory fell short of last years levels (-11.67%) for the seventh month of 2016.  Sellers in Spotsylvania County, VA saw the number of Days on the Market decrease nicely from the preceding month of June 2016, to 51 days for their homes that sold in July 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in September 2016 for Spotsylvania County’s August 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com

Spotsylvania County, VA Market Snapshot June 2016

Spotsylvania County, VA

Virginia’s Southern Region
Spotsylvania County, Virginia

This area includes the following zip codes:

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

Spotsylvania County, VA

Spotsylvania County, VA Market Snapshot June 2016:

The Spotsylvania County, VA housing market snapshot shows a market that slowed a bit for June 2016 with decreases in average sold prices for all homes. Housing starts, permits, existing home sales, and pending sales all pumped the brakes. Nationally home prices continue to rise at a rate of 4.5-5.5%. Despite rising home prices, affordability remains good with interest rates remaining low, hovering around 3-5%. In Spotsylvania County, VA, FHA, Conventional, & VA loan programs take the lead in Buyer financing transactions for June 2016. Home sales continue to outpace last years levels in June 2016. As Summer has officially arrived in the Southern Region of Virginia, real estate activity remains on a steady, positive trend. Active inventory remains tight in June 2016 from last year’s levels; although new listings continue to grow, increasing 2.87% for June.

In Spotsylvania County, VA for June 2016, Homes Sold increased over the preceding month of May and increased over June of 2015 (LY) with 247 units. The Average Sold Price for ALL home types, detached and attached, reported in Spotsylvania County for June 2016 was $273,419 which decreased over the preceding month of May and decreased over LY’s average sold price of $279,627 with a loss of 2.22%. The Average Days on Market for the month of June 2016 saw a nice decrease over LY’s 65 days to 2016’s reported 54 days, a decrease of 16.92% in the Average Days on the Market.  The Average Sold Price for Detached Homes only sold in Spotsylvania County, VA for June 2016 was $278,294 versus $288,252 from LY; a loss of 3.45% in Average Sold Prices for Detached Homes over the previous year.  This loss was also over an $11,000 decrease over the preceding month of May 2016, which came in at $289,755.

Active Listing housing inventory in Spotsylvania County, VA increased over the previous month to 646 for June 2016, 323 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’s demand in 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 with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.

In Spotsylvania County, Virginia, New Listing Activity increased ever so slightly over LY as Active Listing Inventory fell short of last years levels for this sixth month of 2016.  Sellers in Spotsylvania County, VA saw the number of Days on the Market decrease nicely from the preceding month of May 2016, to 54 days for their homes that sold in June 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in August 2016 for Spotsylvania County’s July 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com

Spotsylvania County Market Snapshot May 2016

Virginia’s Southern Region

Spotsylvania County, VA

Spotsylvania County Market Snapshot May 2016

This area includes the following zip codes:

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

Spotsylvania County Market Snapshot May 2016:

In Spotsylvania County for May 2016 the Units Sold increased over the preceding month of April 2016 and increased over May 2015 with 195 units. The Average Sold Price for ALL home types, detached and attached, reported in Spotsylvania County for May 2016 was $279,438 which increased over the preceding month of April 2016 and increased over May’s Last Year’s (LY) average sold price of $272,811 with a gain of 2.43%. The Average Days on the Market for the month of May 2016 saw a substantial decrease over May 2015’s 85 days to 2016’s reported 65 days, an decrease of 23.53% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 3.19% change from May 2015 to May 2016, coming in at 96.5%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in May 2016 was $289,755 versus $280,105 from May 2015, a gain of 3.45% in Detached Average Sold Prices over May 2015; just about a $12,000 increase over the preceding month of April 2016, which came in at $277,791.

The Southern Region housing market gained momentum in May 2016 with increases in average sold prices for all homes.  Housing starts, permits, existing home sales, and pending sales all continued to pick up pace. Nationally home prices continue to rise at a rate of 4.5-5.5%.  Despite rising home prices, affordability remains good with interest rates remaining low, hovering around 4-4.50%.  In Spotsylvania County, VA, Conventional, FHA, & VA loan programs take the lead in Buyer financing transactions for May 2016.  Home sales continue to outpace last years levels in May 2016.  As we arrive into Summer in the Southern Region of Virginia, real estate activity remains on a steady, positive trend .  Active inventory remains tight in May 2016 from last year’s levels; although new listings continue to grow, increasing 14.58% for May.

Active Listing housing inventory in Spotsylvania County, VA increased over the previous month to 618 for May 2016, 325 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 with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.  In the Southern Region of Virginia, New Listing Activity decreased ever so slightly as Active Listing Inventory fell short of last years levels for this fifth month of 2016.  Sellers in Spotsylvania County saw the number of Days on the Market decrease nicely from the preceding month of April 2016, to 65 days for their homes that sold in May 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in July 2016 for Spotsylvania County, VA’s June 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com

Southern Region Market Snapshot March 2016

Virginia’s Southern Region

Spotsylvania County, VA

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This area includes the following zip codes:

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

The Market Snapshot March 2016:

For the month of March 2016, the Units Sold increased over the preceding month of February 2016 and decreased over March 2015 with 140 units. The Average Sold Price for ALL home types reported in the Southern Region for March 2016 was $275,027 which decreased over the preceding month of February 2016 and increased over March’s Last Year’s (LY) average sold price of $268,695 with a slip of 2.36%. The Average Days on the Market for the month of March 2016 saw a slight increase over March 2015’s 98 days to 2016’s reported 100 days, an increase of 2.04% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 0.69% change from March 2015 to March 2016, coming in at 95.9%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in March 2016 was $278,943 versus $275,500 from March 2015, a gain of 1.25% in Detached Average Sold Prices over March 2015; a $25,000 increase over the preceding month of February 2016, which came in at $255,943.

The Southern Region housing market maintained momentum in March 2016 with increases in average sold prices for all homes.  Housing starts, permits, existing home sales, and pending sales all continued to slow 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, FHA and Conventional loan programs take the lead in Buyer financing top options for March 2016.  Home sales continue to outpace last years levels in March 2016.  As we arrive in Spring in this Southern Region of Virginia, real estate activity awakens.  Active inventory slipped ever so slightly in March 2016 from last year’s levels; although new listings continue to grow, increasing 14.58% for March.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 558 for March 2016, 330 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 with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.  In the Southern Region of Virginia, New Listing Activity increased substantially as Active Listing Inventory fell short of last years levels for this third month of 2016.  Sellers in Spotsylvania County saw the number of Days on the Market increase slightly with the preceding month of February 2016, to 100 days for their homes that sold in March 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in May 2016 for Spotsylvania County, VA’s April 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com

Southern Region Market Snapshot February 2016

Virginia’s Southern Region

Spotsylvania County, VA

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This area includes the following zip codes:

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

The Market Snapshot February 2016:

For the month of February 2016, the Units Sold decreased over the preceding month of January 2016 and increased over February 2015 with 103 units. The Average Sold Price for ALL home types reported in the Southern Region for February 2016 was $249,179 which decreased over the preceding month of January 2016 and substantially decreased over February’s Last Year’s (LY) average sold price of $270,230 with a slip of -7.79%. The Average Days on the Market for the month of February 2016 saw a decrease over February 2015’s 93 days to 2016’s reported 84 days, a decrease of -9.68% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 0.33% change from February 2015 to February 2016, coming in at 95.3%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in February 2016 was $255,943 versus $278,167 from February 2015, a drop of -7.99% in Detached Average Sold Prices over February 2015 & just shy of a $25,000 decrease over the preceding month of January 2016, which came in at $280,597.

The Southern Region housing market remained constant in February 2016, despite drops in average sold prices for all homes.  Housing starts, permits, existing home sales, and pending sales all continued to slow 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 VA loan programs take the lead in Buyer financing top options.  Home sales continue to outpace last years levels in February 2016.  As we try to thaw out from last month’s frozen temperatures in this Southern Region of Virginia, real estate activity begins to awaken.  Active inventory slipped markedly in February 2016 from last year’s levels; although new listings rebounded, increasing 23.83%.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 496 for February 2016, 239 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 with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.  In the Southern Region of Virginia, New Listing Activity increased substantially as Active Listing Activity pumped the brakes slightly for this second month of 2016.  Sellers in Spotsylvania County saw the number of Days on the Market remain flat with the preceding month of January 2016 at 84 days for their homes that sold in February 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in April 2016 for Spotsylvania County, VA’s March 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com

First-time homebuyer inventory is still underwater | Inman News

First-time homebuyer inventory is still underwater | Inman News.