Stone Ridge Weekly Update 6/30/08 to 7/6/08

INTRODUCTION
As of September 29, 2008, there are 27 active listings in MLS and 4 homes that went under contract in the past 30 days. This gives us a current absorption rate of 6.8. which is higher than last week's rate of 5.0. Of the 27 active listings, 10 are new homes from the builder(2 condos, 4 town homes, and 4 detached homes), 10 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: 2
Total Short Sales: 5
Percent of Short Sales: 18.5%

Bank Owned Condos:
Bank Owned Town Homes: 1
Bank Owned Detached Homes: 1
Total Bank Owned: 2
Percent of Bank Owned: 7%

Total Non-Traditional Sales: 7
Percent of Total Non-Traditional Sales: 25.9%


NEW LISTINGS
According to MLS, there are 2 new listings new to the market this week, the same amount as last week. One is a distressed sales.

Town home:
42102 FREMONT PRESERVE SQ, LP: $379,900 DOMP: 4

Detached Home:
41960 URAL DR, LP: $450,000 DOMP: 3 (foreclosure) -I have spoke with the listing agent on this home and have been informed there is a contract already submitted to the bank on this property.

Contact me if you would like additional information on any of these Stone Ridge homes.


UNDER CONTRACT
According to MLS, there was 1 home which went under contract during this period, 1 more than the amount as last week. Keep in mind not all contracts written for new home sales from the builder are reported to MLS.

Town home:

42110 TANZANITE TER, LP: $399,000 DOMP: 0

This home is not a distressed sale going to under contract status this past. The home was on the market for the 0 days! This less than our current absorption rate for Stone Ridge 6.8, mentioned in the introduction.


SOLD
According to MLS, there was 1 home sold and went to record the period of 9/22/08 to 9/29/08 . 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.

Town Home:
Builder - Model, Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP

Van metre - Bosby w/ bump outs, 24672 NETTLE MILL SQ, $364,900, $365,000 -$0 = $365,000, 100%, 5/5 (foreclosure)

Average Net %: 100%
Average DOMM / DOMP: 5/5

SUMMARY
The current inventory level for Stone Ridge increased this week by 2 units to 27 active listings . The home which sold and went to record last week which is a distressed sale received a contract in less than 1 week and at sold for 100% or more of the asking price. It looks as if many sellers are setting the asking price of their home to attract quick and close to full price offers. As I have said before, when buyers perceive a good value for the price of the home they will not hesitate to make an offer.


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.