Southern Region Market Snapshot September 2015

Virginia’s Southern Region


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 September 2015 is as follows:

For the month of September 2015, the Units Sold remained flat over the preceding month of August 2015, yet increased substanitaly over September 2014 with a 22.14% increase in units to 171 from 140. The Average Sold Price for all home types reported in this Southern Region for September 2015 was $260,465, which decreased over the preceding month of August 2015 and decreased over September’s last year (LY) average sold price of $278,580 with a drop of -6.5%. The Average Days on the Market for the month of September 2015 saw a slight increase over September 2014’s 66 days to September 2015’s reported 67 days, a increase of 1.52% in Average Days on the Market for September 2015. The ratio of Average Sold Price to Average Original List Price had a -0.12% change from September 2014 to September 2015 at 95.0%. The Average Sold Price for Detached homes sold in Virginia’s Southern Region in September 2015 was $267,292 versus $287,923 from September 2014, marking yet another area that saw another slip of -7.17% in average sold prices over September 2014; yet roughly a $9,000 decrease from the preceding month of August 2015, which came in at $276,550.

The Southern Region housing market pumped the brakes in September 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 September 2015, yet amid a mild slow down  as the 2015-2016 school year has begun.  Active inventory fell slightly in September 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 744 for September 2015, with 237 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 with new lender regulations in place.  In this Southern Region of Virginia, New Listing Activity as well as Active Listing Activity is down in this second half of 2015.  Seller’s saw an ever so slight increase in Days on the Market for their homes that sold in September 2015 in Spotsylvania County, VA.  As we head into the middle of the second half of the 2015 year we can expect to see sales to continue to slow a bit with a softer market on the horizon.

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