INTRODUCTION
As of today, July 22, 2008, there are 20 active listings in MLS and 4 homes that went under contract in the past 30 days. This gives us a current absorption rate of 5.0, which is lower than last week's rate of 5.8.
NEW LISTINGS
According to MLS, there were no new listings which came on the market during the period of 7/14/08 to 7/20/08 .
UNDER CONTRACT
According to MLS, there was 2 homes that went under contract during this period, 1 more than last week.
Town Homes
Van Metre - Mosby, 24668 Siltstone Sq DOM 5
Detached Homes
Van Metre - Hemingway, 41761 Cordgrass Cir DOM 6 (short sale)
The average days for the 2 homes to receive a contract was only 6 days. This much shorter than our current absorption rate for Stone Ridge of 5.0 months, mentioned in the introduction.
SOLD
According to MLS, there were 1 home sold and went to record the period of 7/14/08 to 7/20/08. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.
Detached Homes
Builder - Model, Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP
Van Metre - Magnolia, 25049 Owl Creek Dr, $485,000, $469,000 - $0 = $469,000, 96.7%, 71/327 (foreclosure)
SUMMARY
With no new inventory coming on to the market and two contracts being received this past week, the absorption rate in Stone Ridge was reduced by almost a month. Keep in mind I am using resale information therefore it does not take into account builder inventory and not all For Sale By Owner homes are reported in the MLS. The two homes which did receive contracts this past week were both in less than 1 weeks time, this is nice to see when a home is priced right to attract buyers, the buyers are not wasting anytime making an offer if they perceive value for the price. The home which went to record, once it was priced correctly to attract buyers sold in 71 days, just over 2 months, but well under the current absorption rate of 5 months, and retained almost 97% of it's adjusted asking price.
Contact me if you are thinking of buying or selling in Stone Ridge.
Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.
Comments(0)