Southern Region Market Snapshot for June 2015

Virginia’s Southern Region

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Mid-Atlantic: Southern Region Market Snapshot for June 2015

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 June 2015 is as follows:

For the month of June 2015, the Units Sold increased sizably over the preceding month of May 2015, and increased nicely over June 2014 with a 19.02% increase in units to 219 from 184. The Average Sold Price for all home types reported in this Southern Region for June 2015 was $279,627, which increased over the preceding month of May 2015 and increased nicely over June’s last year (LY) average sold price of $256,145 with a gain of 9.17%. The Average Days on the Market for the month of June 2015 saw a minimal decrease over June 2014’s 67 days to June 2015’s reported 65days, an decrease of -2.99% in Average Days on the Market. The ratio of Average Sold Price to Average Original List Price had a 1.20% change from June 2014 to June 2015 at 96.7%. The Average Sold Price for Detached homes sold in Virginia’s Southern Region in June 2015 was $288,252 versus $269,658 from June 2014, marking yet another area that saw another decent increase of 6.90% in sold prices over June 2014, and about an $8,000 increase from the preceding month of May 2015, which came in at $280,105.

The housing market maintained its steam in June 2015.  Housing starts, permits, existing home sales, and pending sales all continued to do well and continue to rise. 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.  Home sales continue to outpace last years levels in June 2015.  Active inventory remains slightly above last year’s levels.  Median sales price increased 5% from last year, the highest level for any month since 2008!

Active Listing housing inventory for Spotsylvania County in the Southern Region of Virginia increased over the previous month to 772 for June 2015, with 314 of them New Listings.

Buyer closing cost assistance continues to average around 3-5% of an offer’s sales price in the Virginia’s Southern Region. Total inventory is up for the twenty-fourth month in a row and continues to exceed prior years levels. 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 up for the 8th consecutive month. Half the homes sold in June 2015 were on the market 34 days or less.  Through the first 6 months of 2015, the housing market is pointing to the right direction nationally and locally.  We can expect sales to remain strong in the second half of this year.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in August 2015 for Spotsylvania County, VA’s July 2015 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com