Southern Region Market Snapshot February 2016

Virginia’s Southern Region

Spotsylvania County, VA


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 February 2016:

For the month of February 2016, the Units Sold decreased over the preceding month of January 2016 and increased over February 2015 with 103 units. The Average Sold Price for ALL home types reported in the Southern Region for February 2016 was $249,179 which decreased over the preceding month of January 2016 and substantially decreased over February’s Last Year’s (LY) average sold price of $270,230 with a slip of -7.79%. The Average Days on the Market for the month of February 2016 saw a decrease over February 2015’s 93 days to 2016’s reported 84 days, a decrease of -9.68% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 0.33% change from February 2015 to February 2016, coming in at 95.3%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in February 2016 was $255,943 versus $278,167 from February 2015, a drop of -7.99% in Detached Average Sold Prices over February 2015 & just shy of a $25,000 decrease over the preceding month of January 2016, which came in at $280,597.

The Southern Region housing market remained constant in February 2016, despite drops in average sold prices for all homes.  Housing starts, permits, existing home sales, and pending sales all continued to slow 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 VA loan programs take the lead in Buyer financing top options.  Home sales continue to outpace last years levels in February 2016.  As we try to thaw out from last month’s frozen temperatures in this Southern Region of Virginia, real estate activity begins to awaken.  Active inventory slipped markedly in February 2016 from last year’s levels; although new listings rebounded, increasing 23.83%.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 496 for February 2016, 239 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 increased substantially as Active Listing Activity pumped the brakes slightly for this second month of 2016.  Sellers in Spotsylvania County saw the number of Days on the Market remain flat with the preceding month of January 2016 at 84 days for their homes that sold in February 2016.

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