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.

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