Southern Region Market Snapshot July 2015

Virginia’s Southern Region

home easier

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 July 2015 is as follows:

For the month of July 2015, the Units Sold decreased over the preceding month of June 2015, yet increased nicely over July 2014 with a 18.90% increase in units to 195 from 164. The Average Sold Price for all home types reported in this Southern Region for July 2015 was $272,376, which decreased over the preceding month of June 2015 and decreased yet again over July’s last year (LY) average sold price of $273,378 with a drop of -0.37%. The Average Days on the Market for the month of July 2015 saw a substantial increase over July 2014’s 49 days to July 2015’s reported 63 days, an increase of 28.57% in Average Days on the Market for July 2015. The ratio of Average Sold Price to Average Original List Price had a 1.28% change from July 2014 to July 2015 at 96.6%. The Average Sold Price for Detached homes sold in Virginia’s Southern Region in July 2015 was $282,512 versus $284,543 from July 2014, marking yet another area that saw another decrease of -0.71% in sold prices over July 2014, and about a $5,700 decrease from the preceding month of June 2015, which came in at $288,252.

The Southern Region housing market pumped the brakes in July 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. Home sales continue to outpace last years levels in July 2015, yet a slow down is expected as we near closer to back to school.  Active inventory fell slightly in July 2015 from last year’s levels.

Active Listing housing inventory for Spotsylvania County in the Southern Region of Virginia decreased over the previous month to 771 for July 2015, with 295 of them New Listings.

Buyer closing cost assistance continues to average around 3-5% of an offer’s sales price in Virginia’s Southern Region.  Buyer demand in the Southern Region continues to exceed last year levels with gains in new contracts and closed sales, although credit remains tight.  In this Southern Region of Virginia, new listing activity is down beginning this second half of 2015.  Seller’s saw an increase in days on the market for their homes that sold in July 2015 in Spotsylvania County, VA.  Through the first 6 months of 2015, the housing market pointed in the right direction nationally and locally; but as we head into the second half of the 2015 year we can expect to see sales to slow a bit with a softer market on the horizon.

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