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