Spotsylvania County Virginia Real Estate Market Report - July 2008 for Spotsylvania Virginia Real Estate. Spotsylvania Virginia Homes. Sales real estate market report from MRIS our MLS was just released July 10, 2008 and it includes statistics for Spotsylvania Homes Sold in June 2008 as compared to same timeframes in June 2005-2008. These home sales reports are always very insightful to determine sales and marketing trends.
To better explain what is happening in our Spotsylvania County Virginia real estate market...I created a comparative chart of homes in Spotsylvania Virginia sold over the same period in June 2005-2008. In June 2008 there were 150 home sold in Spotsylvania Virginia. Again this is a sharp contrast to the peak in home sales in June of 2005 in Spotsylvania when the sold homes in Spotsylvania were 420. So in comparison to that peak, that is a 64% drop in homes in Spotsylvania sold from the peak sales in 2005. That is a major drop in Spotsylvania homes sales.
This year a major part of Spotsylvania homes sales are due to foreclosures, bank owned properties, and short sales. Sellers are netting less in the home sales as they contribute more to make the deal work. Spotsylvania homes sales are declining because inventory is up, and there are fewer home buyers that qualify to buy, because prices are still unaffordable, rates have risen, and lending requirements for loans have gotten very stringent. The gas crunch has also not helped Spotsylvania home sales.
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