INTRODUCTION
As of December 8, 2008, there are 26 active listings in MLS and 10 homes that went under contract in the past 30 days. This gives us a current absorption rate of 2.6 which is higher than last week's rate of 2.5. Of the 26 active listings, 10 are new homes from the builder(5 town homes, and 10 detached homes),7 are traditional re sales the remainder are distressed sales which break down as follows:
Short Sale Condos: 1
Short Sale Town Homes: 1
Short Sale Detached Homes: 6
Total Short Sales: 8
Percent of Short Sales: 30.8%
Bank Owned Condos: 0 Bank Owned Town Homes: 1
Bank Owned Detached Homes: 0 Total Bank Owned: 1 Percent of Bank Owned: 3.9%
Total Non-Traditional Sales: 9
Percent of Total Non-Traditional Sales: 34.6%
Contact me if you would like additional information on any of these Stone Ridge Homes.
NEW LISTINGS
According to MLS, there are 3 homes new to the market this week. 2 more than the amount last week.
Town Home:
Van Metre - Mosby, 25138 BOOMERANG TER, LP: $338,000 DOMP: 6 (bank owned)
Van Metre - Mosby end unit, 41846 CINNABAR SQ, LP: $399,999 DOMP: 1 (short sale)
Detached Home:
Beazer - Farnham, 42018 GLASS MOUNTAIN PL, LP: $605,000 DOMP: 2
UNDER CONTRACT
According to MLS, there were 2 homes which went under contract during this period, 1 more than the amount as last week.
Condos:
Van Metre - Town Home Style, 24640 ROSEBAY TER #4, LP: $219,900 DOMP: 31 (bank owned)
Town Homes:
24687 KINGS CANYON SQ, LP: $345,000 DOMP: 49 (bank owned)
This is 1 more distressed sales going to under contract status this past than in the previous week. The days on the market for the 2 homes is only 40 days, just over 1 month and 1 week. This under our current absorption rate of 2.6.
SOLD
According to MLS, there was 1 home reported sold this week. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.
Town Homes:
Builder - Model, Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP
Van Metre - Mosby end unit, 24592 SILTSTONE SQ, $439,000, $405,000 - $0 = $405,000, 92.3%, 223/ 223
Average Net %: 92.3% Average DOMM / DOMP: 223/ 223
SUMMARY
The current inventory level for Stone Ridge decreased by 1 unit to 26 active listings. With 3 homes new to the market this week, and 2 homes receiving contracts there must have 1 home reported sold to mls, it was on for 223 days just under 7 1/2 months well over our current absorption rate of 2.6. The percentage of non traditional sales increased to 34.6% this week.
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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