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South Riding Weekly Update 12/01/2008-12/08/2008

By
Real Estate Agent with Samson Properties VA 0225093493

INTRODUCTION

As of today, December 8, 2008, there are 61 active listings in MLS and 12 homes that went under contract in the past 30 days. This gives us a current absorption rate of 5.1, which is lower than last week's rate of 5.2. The number of distressed sales out of the total actives and the breakdown is as follows:

Short Sale Condos: 0
Short Sale Town Homes: 13
Short sale Detached Homes: 12
Total Short Sales: 25
Percent of Short Sales: 41%


Bank Owned Condos: 0
Bank Owned Town Homes: 5
Bank Owned Detached Homes: 9
                                                                                                  Total Bank Owned: 14
Percent of Bank Owned: 23%


Total Distressed Sales: 39
Percent of Total Distressed Sales: 63.9%

Contact me if you would like additional information on any of these South Riding Homes for Sale

 

NEW LISTINGS

According to MLS there were 7 new listings added to mls for the week of 12/01/2008-12/08/2008. This is 7 more than the previous week, 5 are distressed sales.

 Town Homes:

43442 INTERVAL ST, LP: $319,900 DOMP: 6 (bank owned)

25849 TURLOUGH TER, LP: $349,900 DOMP: 3 (short sale)

25917 KIRKWOOD SQ, LP: $350,000 DOMP: 3 (short sale)

25218 LARKS TER, LP: $353,900 DOMP: 5 (bank owned)

42707 NEWCOMER TER, LP: $409,900 DOMP: 2

Detached Homes:

26218 LANDS END DR, LP: $419,990 DOMP: 0

43233 VALIANT DR, LP: $650,000 DOMP: 3 (short sale)

 

UNDER CONTRACT

According to MLS, there were 5 homes which went under contract during this period, the same amount as the previous week.

Town Homes:

25371 BRYSON DR, LP: $220,000 DOMP: 0

25235 BALD EAGLE TER, LP: $359,900 DOMP: 0

Detached Homes:

43203 MAPLE CROSS ST, LP: $454,900 DOMP: 219 (bank owned)

25761 KAISER PL, LP: $495,000 DOMP: 235 (short sale)

25321 FAIRBANKS PL, LP: $545,000 DOMP: 18 (bank owned)

This is 2 more 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 94.4 days which is just over 3 months to receive an offer. This below our current absorption rate for South Riding 5.1, mentioned in the introduction.

 

SOLD

According to MLS, there were 3 homes sold and went to record the period of 12/01/2008-12/08/2008. 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

25452 UPPER CLUBHOUSE DR, $324,999, $320,000 - $10,000 = $310,000, 95.4%, 68/68

43636 OBRIEN SQ, $349,900, $345,000 - $10,000 = $335,000, 95.7%, 43/43

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

Average Net %: 96.5%
Average DOMM / DOMP: 112/112

 

SUMMARY

The current inventory level for South Riding increased this week by 4 units, to a total of 61 active listings an 7% increase in inventory. With 7 new listings, and 5 homes receiving contracts this past week, making it one of the more active weeks we have had in some time. The home receiving a contracts and ones sold did so in less time than our current absorption rate. The 3 homes which sold and went to record were all traditional sales.

 

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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