Southern Region Market Snapshot December 2015

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 December 2015:

For the month of December 2015, the Units Sold increased over the preceding month of November 2015 and increased over December 2014 with 183 units. The Average Sold Price for ALL home types reported in the Southern Region for December 2015 was $281,167 which increased over the preceding month of November 2015 and increased over December’s last year (LY) average sold price of $268,978 with a gain of 4.53%. The Average Days on the Market for the month of December 2015 saw a increase over December 2014’s 87 days to December 2015’s reported 101 days, an increase of 16.09% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 1.31% change from December 2014 to December 2015, coming in at 94.3%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in December 2015 was $291,596 versus $276,328 from December 2014, marking yet another area that saw a small increase of 2.39% in Detached Average Sold Prices over December 2014; just shy of a $9000 increase over the preceding month of November 2015, which came in at $280,119.

The Southern Region housing market remained steady in December 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 options.  Home sales continue to outpace last years levels in December 2015.  As we finish out 2015 and the holiday season with milder temperatures in this Southern Region of Virginia, real estate movement remains constant.  Active inventory fell slightly in December 2015 from last year’s levels; with new listings making a small gain.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 554 for December 2015, 151 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.  In the Southern Region of Virginia, New Listing Activity increased, as Active Listing Activity slowed a bit amid this last quarter of 2015.  Seller’s in Spotsylvania County saw an increase in the number of Days on the Market for their homes that sold in December 2015.

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