Southern Region Market Snapshot August 2015

Virginia’s Southern Region

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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 August 2015 is as follows:

For the month of August 2015, the Units Sold decreased over the preceding month of July 2015, yet increased nicely over August 2014 with a 6.88% increase in units to 160 from 171. The Average Sold Price for all home types reported in this Southern Region for August 2015 was $268,869, which decreased over the preceding month of July 2015 yet increased over August’s last year (LY) average sold price of $248,488 with a gain of 8.20%. The Average Days on the Market for the month of August 2015 saw a substantial decrease over August 2014’s 73 days to August 2015’s reported 53 days, a decrease of -27.40% in Average Days on the Market for August 2015. The ratio of Average Sold Price to Average Original List Price had a 1.89% change from August 2014 to August 2015 at 97.2%. The Average Sold Price for Detached homes sold in Virginia’s Southern Region in August 2015 was $276,550 versus $258,343 from August 2014, marking yet another area that saw another increase of 7.05% in average sold prices over August 2014; yet roughly a $5,900 decrease from the preceding month of July 2015, which came in at $282,512.

The Southern Region housing market pumped the brakes in August 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 August 2015, yet amid a mild slow down  as the 2015-2016 school year has begun.  Active inventory fell slightly in August 2015 from last year’s levels.

Active Listing housing inventory for Spotsylvania County in the Southern Region of Virginia increased over the previous month to 774 for August 2015, with 282 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 decrease 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 October 2015 for Spotsylvania County, VA’s September 2015 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com