INTRODUCTION
As of today, there are 27 active listings in MLS and 5 homes that went under contract in the past 30 days. This gives us a current absorption rate of 5.4 which is lower than last week's rate of 9.3. Of the 27 active listings, 11 are new homes from the builder(5 town homes, and 6 detached homes),3 are traditional re sales the remainder are distressed sales which break down as follows:
Short Sale Condos: 1
Short Sale Town Homes: 6
Short Sale Detached Homes: 6
Total Short Sales: 13
Percent of Short Sales: 48.1%
Bank Owned Condos: 0
Bank Owned Town Homes: 0
Bank Owned Detached Homes: 0
Total Bank Owned: 0
Percent of Bank Owned: 0%
Total Non-Traditional Sales: 13
Percent of Total Non-Traditional Sales: 48.1%
Contact me if you would like additional information on any of these Stone Ridge Homes.
NEW LISTINGS
According to MLS, there were NO HOMES new to the market for the period of 2/2/2009-2/9/2009. This is 1 less than the previous week.
UNDER CONTRACT
According to MLS, there were 2 homes which went under contract during this period, 1 more than the previous week.
Condos:
Town Home Style - 41942 BLUE FLAG TER #74, LP: $199,900 DOMM/DOMP: 74/74 (short sale)
Town Homes:
Van Metre - Madison,
25101 SILURIAN TER, LP: $440,000 DOMM/DOMP: 73/73 (former model for sale from builder)
This is the same amount of distressed sale going to under contract status this past than in the previous week. The average days on the market for the 2 homes is 74 days or just about 2 1/2 months to receive an offer. This well under our current absorption rate for Stone Ridge 9.3, mentioned in the introduction.
SOLD
According to MLS, there were NO HOMES sold and went to record the period of 2/2/2009-2/9/2009 Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. This is the second week in a row with no sales reported.
SUMMARY
The current inventory level for Stone Ridge decreased by 1 unit to 27 active listings this is a 4% decrease. With NO HOMES new to the market and 2 homes receiving contracts and NO HOMES sold and going to record it was a there was not much more activity in Stone Ridge last 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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