INTRODUCTION
As of today, there are 28 active listings in MLS and 7 homes that went under contract in the past 30 days. This gives us a current absorption rate of 4 which is lower than last week's rate of 5.4. Of the 27 active listings, 11 are new homes from the builder(5 town homes, and 6 detached homes), 4 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: 46.4%
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: 46.4%
Contact me if you would like additional information on any of these Stone Ridge Homes.
NEW LISTINGS
According to MLS there were 2 new listings added to mls for the week of 2/9/2009-2/16/2009 This is 2 more than the previous week, 1 is a distressed sale.
Town Homes
Van Metre - Mosby, 24741 CARBONATE TER, LP: $350,000 DOMP: 4 (short sale)
Van Metre- Hampton, 25151 CUTGRASS TER, LP: $450,000 DOMP: 6
UNDER CONTRACT
According to MLS, there were 3 homes which went under contract during this period, 1 more than the previous week.
Town Homes:
25125 PENNYWORT TER, LP: $345,000 DOMM/DOMP: 10/10 (bank owned)
41904 CINNABAR SQ, LP: $350,000 DOMM/DOMP: 11/11 (short sale)
Detached Homes:
Beazer - Farnham, 42018 GLASS MOUNTAIN PL, LP: $465,000 DOMM/DOMP: 71/71 (bank owned)
This is the 2 more distressed sales going to under contract status this past than in the previous week. The average days on the market for the 3 homes is 31 days or just about 1 month to receive an offer. This well under our current absorption rate for Stone Ridge 4, mentioned in the introduction.
SOLD
According to MLS, there were NO HOMES sold and went to record the period of 2/9/2009-2/16/2009 Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. This is the third week in a row with no sales reported.
SUMMARY
The current inventory level for Stone Ridge increased by 1 unit to 28 active listings this is a 4% increase. With 2 new listings to the market and 3 homes receiving contracts and NO HOMES sold and going to record there was a bit more activity in Stone Ridge last week. The 3 homes receiving contracts did so on average in about 1 month, the 2 town homes in less than 2 weeks, all were bank owned properties. This is very similar as what happened in South Riding last for the homes gong under contract, it looks like there is a market for town homes under $375,000 in this area. If you are thinking of selling a town home and move up to a detached home this may be a good time to do so. Feel free to contact me to discuss your real estate needs.
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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