Spotsylvania County Market Snapshot May 2016

Virginia’s Southern Region

Spotsylvania County, VA

Spotsylvania County Market Snapshot May 2016

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 Market Snapshot May 2016:

In Spotsylvania County for May 2016 the Units Sold increased over the preceding month of April 2016 and increased over May 2015 with 195 units. The Average Sold Price for ALL home types, detached and attached, reported in Spotsylvania County for May 2016 was $279,438 which increased over the preceding month of April 2016 and increased over May’s Last Year’s (LY) average sold price of $272,811 with a gain of 2.43%. The Average Days on the Market for the month of May 2016 saw a substantial decrease over May 2015’s 85 days to 2016’s reported 65 days, an decrease of 23.53% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 3.19% change from May 2015 to May 2016, coming in at 96.5%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in May 2016 was $289,755 versus $280,105 from May 2015, a gain of 3.45% in Detached Average Sold Prices over May 2015; just about a $12,000 increase over the preceding month of April 2016, which came in at $277,791.

The Southern Region housing market gained momentum in May 2016 with increases in average sold prices for all homes.  Housing starts, permits, existing home sales, and pending sales all continued to pick up pace. 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 4-4.50%.  In Spotsylvania County, VA, Conventional, FHA, & VA loan programs take the lead in Buyer financing transactions for May 2016.  Home sales continue to outpace last years levels in May 2016.  As we arrive into Summer in the Southern Region of Virginia, real estate activity remains on a steady, positive trend .  Active inventory remains tight in May 2016 from last year’s levels; although new listings continue to grow, increasing 14.58% for May.

Active Listing housing inventory in Spotsylvania County, VA increased over the previous month to 618 for May 2016, 325 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 decreased ever so slightly as Active Listing Inventory fell short of last years levels for this fifth month of 2016.  Sellers in Spotsylvania County saw the number of Days on the Market decrease nicely from the preceding month of April 2016, to 65 days for their homes that sold in May 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in July 2016 for Spotsylvania County, VA’s June 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com