INTRODUCTION
As of today, there are 61 active listings in MLS and 15 homes that went under contract in the past 30 days. This gives us a current absorption rate of 4.1, which is higher than last week's rate of 3.9. The number of distressed sales out of the total actives and the breakdown is as follows:
Short Sale Condos: 0
Short Sale Town Homes: 12
Short Sale Detached Homes:10
Total Short Sales: 22
Percent of Short Sales: 36.1%
Bank Owned Condos: 0
Bank Owned Town Homes: 4
Bank Owned Detached Homes: 10
Total Bank Owned: 14
Percent of Bank Owned: 22.9%
Total Distressed Sales: 36
Percent of Total Distressed Sales: 69%
Contact me if you would like additional information on any of these South Riding Homes for Sale
NEW LISTINGS
According to MLS there were 12 new listings added to mls for the week of 1/26/2009-2/2/2009 (this is 27 listinfgs new to the market in the past 21 says). This is 5 more than the previous week, 4 are distressed sales.
Town Homes:
43461 JUBILEE ST, LP: $270,000 DOMP: 5 (short sale)
43197 KATAMA SQ, LP: $275,000 DOMP: 2 (short sale)
25260 BALD EAGLE TER, LP: $304,500 DOMP: 3 (bank owned)
43447 INTERVAL ST, LP: $325,000 DOMP: 4
25556 EVANS SQ, LP: $334,900 DOMP: 4
42695 ROLLING ROCK SQ, LP: $385,000 DOMP: 1
43507 EVIAN LN, LP: $399,900 DOMP: 1 (relo)
25382 WHIPPOORWILL TER, LP: $429,500 DOMP: 6
Detached Homes:
25561 UPPER CLUBHOUSE DR, LP: $499,900 DOMP: 2
26136 IVERSON DR, LP: $525,000 DOMP: 4
25318 JUSTICE DR, LP: $552,900 DOMP: 3 (bank owned) 2
25826 PRIESTERS POND DR, LP: $569,900 DOMP: 4
UNDER CONTRACT
According to MLS, there were 4 homes which went under contract during this period, 3 more than the previous week.
Town Homes:
43470 KATLING SQ, LP: $275,000 DOMM/DOMP: 53/111 (short sale)
Detached Homes:
43444 ORSON ST, LP: $449,000 DOMM/DOMP: 10/81 (relo)
42590 PELICAN DR, LP: $549,900 DOMM/DOMP: 15/15 (short sale)
25892 STINGER DR, LP: $549,900 DOMM/DOMP: 6/6 (short sale) This is the 3 more distressed sales going to under contract status this past than in the previous week. The average days on the market for the 4 homes is 53 days or just over 1 month 3 weeks to receive an offer. This well under our current absorption rate for South Riding 4.1, mentioned in the introduction.
SOLD
According to MLS, there were 1 home sold and went to record the period of 1/26/2009-2/2/2009. 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 25321 FAIRBANKS PL, $545,000, $535,000 - $0 = $535,000, 98.2%, 18 / 18 (bank owned)
Average Net %: 98.2%
Average DOMM / DOMP: 18 / 18
SUMMARY
The current inventory level for South Riding increased this week by 11 units, to a total of 61 active listings an 22% increase in inventory. With 12 new listings, and 4 homes receiving contracts this past week, plus 3 former short sale listings return to the market as bank owned sales accounting for the increase in inventory. This weeks additions to the market plus last 2 weeks makes 27 homes new to the market in the past 3 weeks. The 4 homes receiving a contract did so with an average 53 days on the market, and 2 of the detached homes were short sale listings with only 15 and 6 days on the market, it looks like the decisions are being made a bit quicker on the short 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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