Southern Region Market Snapshot January 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 January 2016:

For the month of January 2016, the Units Sold decreased over the preceding month of December 2015 and increased over January 2015 with 109 units. The Average Sold Price for ALL home types reported in the Southern Region for January 2016 was $286,670 which decreased over the preceding month of December 2015 yet increased over January’s Last Year’s (LY) average sold price of $252,849 with a gain of 8.93%. The Average Days on the Market for the month of January 2016 saw a decrease over January 2015’s 102 days to 2016’s reported 84 days, an decrease of 17.65% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 3.95% change from January 2015 to January 2016, coming in at 97.3%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in January 2016 was $280,597 versus $268,463 from January 2015, an increase of 4.52% in Detached Average Sold Prices over January 2015 & just shy of a $9000 decrease over the preceding month of December 2015, which came in at $291,596.

The Southern Region housing market remained  in January 2016.  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 remain in the lead in Buyer financing top options.  Home sales continue to outpace last years levels in January 2016.  As we begin 2016 with a blizzard and frigid temperatures in this Southern Region of Virginia, real estate activity takes some snow days.  Active inventory slipped markedly in January 2016 from last year’s levels; as did new listings.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 506 for January 2016, 161 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 as Active Listing Activity pumped the brakes slightly for the first month beginning 2016.  Sellers in Spotsylvania County saw an increase in the number of Days on the Market for their homes that sold in January 2016.

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