Real Estate Market in Lake Ridge (Woodbridge), VA for December 2012

Real Estate Market in Lake Ridge (Woodbridge), VA for December 2012

What is the progress of the Real Estate Market in Lake Ridge, one of the largest communities in Woodbridge, VA?

Using data from MRIS.com we find the following information for December 2012 for the area of Lake Ridge

• There were 24 homes sold (14 detached homes and 10 townhomes.
• The average sold price of detached homes was $351,785
• The average sold price of townhomes is $217,740
• Eighty-three percent (835) of the homes sold were regular sales
• Including the subsidy that the owner gave at closing the average percent of List price to Closed Price (-subsidy) was 96.5% - without the one skewed home on Brewster the rate goes up to 97%
• The days a home was on the market - for sale - averaged out to 42.4 days - without the two skewed long days on the market (152 and 211 days) the average comes down to 29.3 days
• Townhomes were on the market an average of 23.7 days
• Houses were on the market for an average of 55.8 days- without the two skewed # of days, that average goes down to 34 days.

 So what can we conclude? 

• Detached homes are still selling for more than townhomes but the mast majority of the sales are regular sales - not an overwhelming amount of bank owned or short sale properties.
• Sellers are getting almost all of their asking price (97%) so homes must be priced well and priced to sell.
• Houses are not staying on the market very long - close to a month and a half so again homes are priced right for the market and buyers are deciding quickly.

In addition, the inventory of houses on the market is low compared to previous months although I did not include that data below.

If you would like to sell your home in Lake Ridge now is a great time. If you are looking to buy a home in Lake Ridge you will have to search quickly, move fast and put together a good solid offer to beat out the other buyers.

Either way you will need a good real estate agent to guide you through the process and make your home buying or selling a success. Contact me for more information.