INTRODUCTION
As of August 18, 2008, there are 23 active listings in MLS and 2 homes that went under contract in the past 30 days. This gives us a current absorption rate of 11.5 which is higher than last week's rate of 4.1. Of the 23 active listings, 11 are new homes from the builder(3 condos, 3 town homes, and 5 detached homes), 7 are traditional sales the remainder are distressed sales which break down as follows:
Short Sale Condos: 1
Short Sale Town Homes: 1
Short sale Detached Homes: 0
Total Short Sales: 2
Percent of Short Sales: 8.7%
Bank Owned Condos: 1
Bank Owned Town Homes: 1 looks like a relocation not a foreclosure but still not a traditional sale
Bank Owned Detached Homes: 0
Total Bank Owned: 2
Percent of Bank Owned: 8.7%
Total Non-Traditional Sales: 4
Percent of Total Non-Traditional Sales: 17.4%
NEW LISTINGS
According to MLS, there are 2 homes which are new on the market this week, 1 more than last week. 1 is a distressed sale.
Town Homes
Van Metre - Delaney 25119 SILURIAN TER, ALDIE, List Price: $416,990* DOMP: 0
* this is the baser price of a new model town home from Van Metre
Detached Homes
Centex - Spencer 42045 BEAR TOOTH DR, ListPrice: $495,000 DOMP: 7 (short sale)
Contact me if you would like to see any of these homes in Stone Ridge.
UNDER CONTRACT
According to MLS, there are 2 homes which went under contract during this period, 1 more than the amount as last week.
Town Homes
Van Metre - Mosby 24596 SILTSTONE SQ, ListPrice: $399,900 DOMP: 221
Detached Homes
Van Metre - Fitzgerald II 24992 WATERDOCK DR, List Price: $597,900 DOMP: 53
This is 1 less distressed sale as the previous week. The average days on the market for the 2 homes was 137 days which is about 4.6 months to receive an offer. This less than our current absorption rate of 11.5 for Stone Ridge, mentioned in the introduction.
SOLD
According to MLS, there was no homes sold and went to record the period of 8/18/08 to 8/25/08. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.
SUMMARY
Once again we saw the same amount of new listings come on to the market than homes receive a contract keeping the current inventory in Stone Ridge at 22 active listings. On DAR's, the Dulles Association of Realtors, website you can has Loudoun County's Monthly Statistics, you may want to access the overall climate of Loudoun County. A couple areas to pay attention to would be Residential Units Sold, Average Sales Price, Average Days on Market, and Average S/P as a Percentage of L/P. DAR updates their information each month.
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.
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