INTRODUCTIONAs of September 15, 2008, there are 25 active listings in MLS and 5 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 3.1. Of the 22 active listings, 11 are new homes from the builder(3 condos, 4 town homes, and 4 detached homes), 9 are traditional sales the remainder are distressed sales which break down as follows:
Short Sale Condos: 1
Short Sale Town Homes: 2
Short sale Detached Homes:
Total Short Sales: 3
Percent of Short Sales: 12%
Bank Owned Condos:
Bank Owned Town Homes: 1
Bank Owned Detached Homes: 1 * it is a corporate relo
Total Bank Owned: 2
Percent of Bank Owned: 8%
Total Non-Traditional Sales: 5
Percent of Total Non-Traditional Sales: 20%
NEW LISTINGSAccording to MLS, there are 2 new listings new to the market this week, 2 more than last week. Neither 0ne is a distressed sales.
Town Homes
Centex - Hampton, 24692 KINGS CANYON SQ, List Price: $334,995 DOMP: 3
Detached Homes
Van Metre - Harrington, 42046 PEPPERBUSH PL, List Price: $625,000 DOMP: 2
Contact me if you would like additional information on any of these Stone Ridge homes.
UNDER CONTRACTAccording to MLS, there are 1 home which went under contract during this period, 1 lessthan the amount as last week. Keep in mind not all contracts written for new home sales from the builder are reported to MLS.
Detached Homes
Centex - Spencer, 42045 BEAR TOOTH DR, List Price: $495,000 DOMP: 21(short sale)
This is the same amount of distressed sale as the previous week. The days on the market for the home was 21 days which is less than 1 month to receive an offer. This less than our current absorption rate of 5.0 for Stone Ridge, mentioned in the introduction.
SOLDAccording to MLS, there was no homes sold and went to record the period of 9/18/08 to 9/15/08 . Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Additionally not all new home sales from the builder are reported to MLS.
SUMMARY
This past week there we saw 2 new listings come on the Stone Ridge Real Estate Market. There was also 1 home receiving a contract which it did in less than 1 month, when homes are being priced properly whether traditional sale or distressed sale buyers tend to make a quick decision. We have not had any homes go to record for the past few weeks, but with some homes receiving contracts we should start to see some sold data in the upcoming weeks. It is important to keep in mind not all the new home sales from the builder are reported to the mls so there are homes selling in Stone Ridge. DAR has updated their Market Statistics for Loudoun County for August 2008. August sold more homes in Loudoun County than July however the average price dropped. Additionally there was less inventory in Loudoun County in August than in July. Stone Ridge saw a lower sold price, 4 fewer sales but a 110 days shorter DOMP in August versus July. OIne thing point out all of August sales in Stone Ridge were town homes compared to July where there is a town home and detached home mix of homes sold. Also the following CMA's only include resales.
CMA for July Stone Ridge CMA for August 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.
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