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

September 2013 Market Statistics for Spotsylvania County, VA

Sept. 2013 chart

The real estate stats are in for the month of September 2013 for Spotsylvania County, Virginia. For the month of September 2013, the Units Sold went up by 8.21% from last September’s units, 145 vs. 134, and we saw steady increases in other criteria that continued to point to a gradually strengthening market. The Average Sold Price for homes reported in Spotsylvania County for September 2013 was $259,167 and saw a decent 9.68% increase over 2012’s September Average Sold Price of $236,303. The Average Days on the Market went down from 67 days in September of 2012 to 55 says in September 2013, reflecting a -17.91% decrease over LY’s Average days on the Market. These two quantifiable data sets alone, Average Sold Price and Average Days on the Market, continue to position the current market in positive favor for Sellers. The ratio of Average Sold Price to Original List Price came in at 96.0%.

These market statistics confirm that most Sellers are receiving very close to what their Listing Agents are marketing their homes for. Multiple offers continue to be made on select hot market area listings, furthering the Seller’s market advantage, but have declined a bit as we enter fall. As interest rates for financing continue to slowly climb, consumer buying power will gradually dwindle.

Sign up for monthly real estate updates at http://HomesInFredericksburgVA.com and stay tuned for Spotsylvania County’s October real estate numbers coming out mid-November.

Sources: rbintel.com, nvar.com

Market Statistics for 22407 June 2013

chancellor battlefield

The real estate stats are out for the month of June 2013 for the 22407 zip code, which includes the coveted Riverbend High School District.  Although for the month of June 2013 the Units Sold were right in line with last year’s units, 64 vs. 61, we saw steady increases in other criteria that point to a gradually strengthening market.  The Average Sold Price for homes reported in the 22407 zip code for June 2013 was $246,944 and saw a decent 18.29% increase over 2012’s June Average Sold Price of $208,764.  The Average Days on the Market went down from 57 days in June of 2012 to 46 for June of 2013, reflecting a -19.30% decrease over LY’s Average days on the Market.  These two quantifiable data sets alone, Average Sold Price and Average Days on the Market, position the current market in positive favor for Sellers.  The ratio of Average Sold Price to Original List Price came in at 98.8%.  So as the data confirms, most Sellers are able and are receiving very close to what they are asking for their homes.  At this time, we are also in the midst of witnessing multiple offers being made on listings, furthering the Seller’s market advantage.  We are also seeing the use of Sales Price Escalation Addendums, within contracts.  The Escalation Addendum is only set into motion if the “Seller receives one or more additional written bona fide offers to purchase the Property with terms acceptable to Seller” that have a higher net to the Seller than the offer with the escalation addendum. The net to Seller is the contract sales price minus any seller concessions to the Buyer.  If the escalation addendum is activated, the contract sales price is then automatically increased by a set dollar amount X, where X is the amount listed in the contract, over the next offer with the second highest net to the Seller; up to the maximum sales price listed on the addendum.  Sign up for monthly real estate updates at http://HomesInFredericksburgVA.com  and stay tuned for more real statistics and July’s 22407 report coming soon.

Sources: rbintel.com, nvar.com