INTRODUCTION
As of today, November 24, 2008, there are 60 active listings in MLS and 15 homes that went under contract in the past 30 days. This gives us a current absorption rate of 4.0, which is higher than last week's rate of 3.6. The number of distressed sales out of the total actives and the breakdown is as follows:
Short Sale Condos: 0
Short Sale Town Homes: 11
Short sale Detached Homes: 11
Total Short Sales: 22
Percent of Short Sales: 36.7%
Bank Owned Condos: 0
Bank Owned Town Homes: 3
Bank Owned Detached Homes: 9
Total Bank Owned: 12
Percent of Bank Owned: 20%
Total Distressed Sales: 34
Percent of Total Distressed Sales: 56.7%
Contact me if you would like additional information on any of these South Riding Homes for Sale
NEW LISTINGS
According to MLS there were 4 new listings added to mls for the week of 11/17/2008-11/24/2008. This is 5 less than the previous week, 1 is a distressed sale.
Town Homes:
25213 BALD EAGLE TER, LP: $399,900 DOMP: 6
Detached Homes:
25893 PINEBLUFF DR, LP: $410,800 DOMP: 6 (bank owned)
43209 LIGHTHOUSE PL, LP: $509,000 DOMP: 6
25622 SOUTH VILLAGE DR, LP: $849,000 DOMP: 6
UNDER CONTRACT
According to MLS, there were 1 home which went under contract during this period, 2 less than the amount as the previous week.
Town Homes:
25211 DUNVEGAN SQ, LP: $375,000 DOMM/DOMP: 82/82 (short sale)
This is the same amount of distressed sales going to under contract status this past than in the previous week. The 1 home was on the market for 82 days which is 2 3/4 months to receive an offer. This below our current absorption rate for South Riding 4.0, mentioned in the introduction
SOLD
According to MLS, there were 2 homes sold and went to record the period of 11/17/2008-11/24/2008. 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
25238 LYON TER, $349,000, $370,000 - $0 = $370,000, 106%, 9/9 (bank owned)
SUMMARY The current inventory level for South Riding decreased this week by 1 unit, to a total of 60 active listings a 1.6% decrease in inventory. With 4 new listings, and 1 home receiving contracts this past week causing the decrease, keeping the inventory at one of the lowest amounts since I have begun my Weekly Updates. Both, homes receiving contracts and sold did so in less time than our current absorption rate. The bank owned town home sold at more than asking price and in just over 1 week. This is the second bank owned property in two weeks which has reported sold for more than the asking price. Comparing the 2 Town Homes which went to record last week both sold within $5,000 of each other and in 1 day difference in time on market. The banks are pricing aggressively to attract higher than asking offers and minimize days on the market while traditional sales are adjusting to lower offers quickly as to not loose their sale too.
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.
42682 ROLLING ROCK SQ, $399,900, $375,000 - $0 = $375,000, 93.8%, 10/10
Average Net %: 99.9%
Average DOMM / DOMP: 10/10
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