South Riding 2008 Year in Review

Introduction

Welcome to South Riding 2008 year in Review. The data being used is for resales, ie no new construction sales from the builder was used in my calculations, additionally not all For Sale By Owner data is entered into mls. My goal is to make the real estate data relevant to the award winning community we live in. I will continue to post Weekly Updates by end of the day Monday which will feature the newly active homes from the previous week, homes going under contract from the previous week, as well as sold homes which went to record the previous week for South Riding. You can also link from my website as well. I hope you find this blog useful in helping you understand what the market is doing. Feel free to email me with any questions. I am also including links to the Quartely Reviews for South Riding.

To see Q1 Summary click here.
To see Q2 Summary click here.
To see Q3 Summary click here.

To see Q4 Summary click here. Click Here to see DAR's Market Statistics for all of Loudoun County

Quick Summary

Number of Resale Homes Sold in 2007: 303

Number of Resale Homes Sold in 2008: 262 (-41)

Change: 15.6% decrease

Average List Price in 2007: $489,894

Average List Price in 2008: $441,745 (-$48,149)

Change: 1o.8% decrease

Average Net Price (Sold Price - Subsidy) in 2007: $472,545

Average Net Price (Sold Price - Subsidy) in 2008: $425,422 (-$47,123)

Change: 11.1% decrease

Average DOMP in 2007: 85 Average DOMP in 2008: 94 (+9)

Change: 10.6% increase

Number of Short Sales in 2007: 4

Number of Short Sales in 2008: 27 (+23) Change: 675% increase

*A Short Sale is when the mortgage balance is more than the value of the home. The Seller negotiates with the lien holder(s) to take the offer at hand.

Number of Bank Owned Sales in 2007: 22

Number of Bank Owned Sales in 2008: 68 (+46) Change: 309% increase

*Some bank owned probably are not listed in MLS but most are. Some may be sold at auctions.

Percentage of Short Sale Resales in 2007: 1.3% 2008: 10.3%

Percentage of Bank Owned Resales in 2007: 7.3% 2008: 26%

Total Distressed Resales in 2007: 8.6% 2008: 36.3%

Click here to view all Sold Properties in 2007 and 2008 in spread sheet format.
Click here to download 2008 Sold Properties in PDF file with photos.
Click here to download 2007 Sold Properties in PDF file with photos. 

Condos

Condo sales are down in 2008 compared to 2007, 17 fewer Condos sold in 2008 compared to 2007. The condo market has been very slow this year, with only 3 condos sold this year (all townhouse style) compared to 20 sold in 2007 which included 5 garden style and 15 townhouse style, the condo market in South Riding was hit the hardest in 2008. The average list price is down $59,589 and the net sale price is down $51,642. The percent asking net to ask is up 1.88 basis points, to 97.32% of the ask price. The average days on the market increased by 42 days.

Town Homes

Town home sales were also down this year, there are 7 less Town Home sold in 2008. The average list price is down $63,679 and the net sale price is down $58,786 however the percent net to ask is up .64 basis points in 2008 to 96.68%. There is an increase Days on the Market for 2008 by 17 days.

SemiDetached Homes

Contrary to Condo and Town Home sales, SemiDetached Home sales increased in 2008. There were 2 more SemiDetached Home sold in 2008. The average list price was down $39,550 and the average net sales price decreased by $32,500. The percent of net to ask is up .63 basis points to 95.19% and the average Days on the Market decreased in 2008 by 91 days.

Detached Homes

Detached Home sales decreased by 19 in 2008. The average list price was down $39,609 as well as the average net sales price decreased by $43,332. The percent of net to ask is down .68 basis points to 96.30% this is the only category of homes which had a decrease in Net Price Percentage in 2008. The average Days on the Market increased in 2008 by 4 days.

Conclusion

2008 had 41 fewer sales than 2007, with average listing prices decreasing by $48,149 and average net sales prices decreasing by $47,123. The percent of ask price was up .09 basis points to 96.50% in 2008 and the average days on market increased by 9 days. As mentioned earlier the condo market had the largest decrease in sales compared to 2007. As for detached homes decreasing in percent to ask in 2008, most of the decrease happened in the 1st 3 Quarters of the year. 2008 also saw an increase in short sale and bank owned properties, I believe in 2009 there will still be a high percentage of distressed sales.

 Click here if you would like a free, no obligation Neighborhood Home Values Report.

If you would like to contact me feel free to email me at markmurad71@aol.com, and don't forget to check back each week for my Weekly Updates for South Riding.

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner or all New Hoes from builders information may have not been included. 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.