September Market Statistics
Author: Sarah Stelmok From http://sarahiouslyspeaking.com • Oct 20th, 2008Category: Blog Entries.Local, Spotsylvania, Stafford
September was actually a good month for closings in all counties that I service. What was slower was the number of showings per listing and the number of houses going under contract. I expect to see this reflected in the October sold statistics, since most contracts take 30 days to close. We have seen a new surge of buyers in the market the last two week with the passing of the Bailout Bill. Loans are still out there and interest rates are still reasonable, but the mortgage market should get more challenging as we head into winter. Here is a county break down of the market statistics for this area:
Fredericksburg City:
- 93 days on market - this 4 days less than in September 2007
- Sellers received, on average, 95.92% of their list price when the home sold
- There is 15.73 months of inventory on the market
- 11 homes sold in September 2008 - this is 2 less than in September 2007
- The most popular price range was $300,000-$349,900
- The average sold price was $224,678, compared to $282,845 in September of 2007 (3 homes sold for less than $100,000 this September)
Orange County
- 174 days on market - this is 29 days more than in September 2007
- Sellers received, on average, 89.24% of their list price when the home sold
- There is 16.4 months of inventory on the market
- 30 homes sold in September 2008 - this is 9 more than in September 2007
- The most popular price range was $250,000-$299,999
- The average sold price was $228,327, compared to $306,020 in September 2007
Spotsylvania County
- 123 days on market - this is two less than September 2007
- Sellers received, on average, 89.5% of their list price when the home sold
- There is 7.86 months inventory on the market
- 161 homes sold in September 2008 - this is 64 more than in September 2007
- The most popular price range was $200,000-$249,999
- The average sold price was $248,780, compared to $318,857 in September 2007
Stafford County
- 116 days on market - this is 19 less than September 2007
- Sellers received, on average, 90.48% of their list price when the home sold
- There is 7.95 months inventory on the market
- 149 homes sold in September 2008 - this is 63 more than in September 2007
- The most popular price range was $300,000-$399,999
- The average sold price was $274,365, compared to $397,342 in September 2007
Prince William County
- 107 days on market - this is 20 less than September 2007
- Sellers received, on average, 91.34% of their list price when the home sold
- There is 4.81 months inventory on the market
- 934 homes sold in September 2008 - this is 629 more than in September 2007!
- The most popular price range was $200,000-$249,999
- The average sold price was $230,999, compared to $370,506 in September 2007
On average homes are sitting on the market less time in September 2008 than they did in September 2007. We have faster absorption rates than last year and more homes are selling. Sellers are selling their homes for amounts closer to their list price, but they are selling their homes for an average of $93,564.20 less than what they were selling for last year. A great deal of this disparity can be attributed to the foreclosure and short sale markets. The most popular price ranges are consistantly the first-time home buyer price ranges.
What does this mean for you if you are a buyer? You can still get a good deal, but the deal is that homes are priced far less than they were a year ago and way cheaper than they were 2 years ago. As a buyer you can still expect to make offers close to list price, especially if you are asking the Seller to pay your closing costs. Many banks are actually pricing properties below market value in hopes of getting multiple offers and starting bidding wars. (By the way, this tactic is working).
What does this mean if you are a seller? It is a PRICE driven market. I cannot say that enough! PRICE DRIVEN! You are competing with foreclosures. You need to make your home stand out from the foreclosures any way you can. You need to maintain your home and keep records of repairs. You need to make your home modern and buyer friendly. Spend the extra money to declutter and stage your home. And most inportantly, price your home well! It is an awful feeling to chase the market. Stay on top of the market by pricing it right the first time.