INTRODUCTION
As of today, November 3, 2008, there are 58 active listings in MLS and 16 homes that went under contract in the past 30 days. This gives us a current absorption rate of 3.6, which is lower than last week's rate of 5.7. The number of distressed sales out of the total actives and the breakdown is as follows:
Short Sale Condos: 1
Short Sale Town Homes: 12
Short sale Detached Homes: 12
Total Short Sales: 25
Percent of Short Sales: 43.1%
Bank Owned Condos: 0
Bank Owned Town Homes: 4
Bank Owned Detached Homes: 4
Total Bank Owned: 8
Percent of Bank Owned: 13.7%
Total Distressed Sales: 33
Percent of Total Distressed Sales: 56.9%
NEW LISTINGS
According to MLS, there were 1 new listing during the period of 10/20/2008-10/27/2008, the same amount as last week, 4 are distressed sales:
Town Homes:
25235 BALD EAGLE TER, LP: $434,900 DOMP: 1
Contact me if you would like additional information on this South Riding home
UNDER CONTRACT
According to MLS, there were 5 homes which went under contract during this period, 4 more than the amount as the previous week.
Town Homes:
25452 UPPER CLUBHOUSE DR, LP: $324,999 DOMP: 68
25238 LYON TER, LP: $349,000 DOMP: 6 (bank owned)
43636 OBRIEN SQ,LP: $349,900 DOMP: 43
42935 SHELBOURNE SQ, LP: $417,500 DOMP: 5
Detached Homes:
26145 SEALOCK LN, LP: $739,900 DOMP: 166 T
his is 1 less distressed sales going to under contract status this past than in the previous week. The average days on the market for the 5 homes is 57.6 days which is just under 2 months to receive an offer. This less than our current absorption rate for South Riding 3.6, mentioned in the introduction.
SOLD
According to MLS, there were 3 homes sold and went to record the period of 10/27/2008-11/03/2008. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.
Town Homes:
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP
42943 SHELBOURNE SQ, CHANTILLY, $349,500, $370,000 - $0 =$370,000, 105.9%, 59/64 (short sale)
Average Net %: 105.9%
Average DOMM / DOMP: 59/64
Detached Homes:
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price,
43443 KATLING SQ, $439,999, $430,000 - $0 = $430,000, 97.7%, 154/154
43635 OLEARY LN, $610,000, $595,000 - $15,000 = $580,000, 95.1%, 7/7
Average Net %: 96.4%
Average DOMM / DOMP: 81/81
SUMMARY
The current inventory level for South Riding decreased this week by 10 units, to a total of 58 active listings. With only 1 new listing, and 5 homes receiving contracts this past week helping to drop the current inventory level to it's low point. Both homes receiving contracts and ones which went to record did so in less time than our current absorption rate. Additionally only 2 homes of the 8 receiving contracts or reported sold were distressed sales which is 25% compared to the current 56.9% of distressed listings to total listings. As we move deeper into November I predict we will continue to see a low inventory level with a high percentage of distressed listings as traditionally this time of the year fewer people choose to put their home on the market.
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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