INTRODUCTION
As of today, December 1, 2008, there are 57 active listings in MLS and 11 homes that went under contract in the past 30 days. This gives us a current absorption rate of 5.2, which is higher than last week's rate of 4.0. The number of distressed sales out of the total actives and the breakdown is as follows:
Short Sale Condos: 0
Short Sale Town Homes: 9
Short Sale Detached Homes: 10
Total Short Sales: 19
Percent of Short Sales: 29.8%
Bank Owned Condos: 0
Bank Owned Town Homes: 6
Bank Owned Detached Homes: 9
Total Bank Owned: 15
Percent of Bank Owned: 26.3%
Total Distressed Sales: 34
Percent of Total Distressed Sales: 59.7%
Contact me if you would like additional information on any of these South Riding Homes for Sale
NEW LISTINGS
According to MLS there were NO NEW listings added to mls for the week of 1124/2008-12/01/2008.
UNDER CONTRACT
According to MLS, there were 1 home which went under contract during this period, the same amount as the previous week.
Detached Homes
43241 EDGARTOWN ST, LP: $424,900 DOMP: 7 (bank owned)
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 7 days which is 1 week to receive an offer. This below our current absorption rate for South Riding 5.2, mentioned in the introduction.
SOLD
According to MLS, there were 2 homes sold and went to record the period of 11/24/2008-12/01/2008. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Detached Homes:
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP
43312 HAGEN CT, $599,999, $590,000 - $0 = $590,000, 98.3%, 226/226
26145 SEALOCK LN, $739,900, $685,000 - $685,000 = $685,000, 92.6%, 166/166
Average Net %: 95.5% Average DOMM / DOMP: 196/196
SUMMARY
The current inventory level for South Riding decreased this week by 3 units, to a total of 57 active listings a 5% decrease in inventory. With NO 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. The home receiving a contracts did so in less time than our current absorption rate. The 2 homes which sold did not contribute any seller paid closing cost and were traditional sales, however their average days on the market is about 6.5 months which is over our current absorption rate.
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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