When I was reviewing the number of active homes for sale in Culpeper County on Monday the 6th of April, I saw something I had not seen in quite sometime. The number of active listings had dipped below 400. There were 398 to be exact. Over the past few years we have ranged from the high 500's to mid to upper 700's in daily active listings. But as the market softened and the foreclosures rose that number begin to fall. For the past 6-8 months we have been in the 400-500 range of daily active listings.
What does dipping below 400 mean? Well, it could be just a one day blip but it might be more significant to anyone looking to buy or sale a home. The number of actual foreclosed homes on the market maybe finally slowing down. There is evidence of this as the number of short sales (pre-foreclosures) has increased. This may be the first signs of some price stabilization in the market which is good news on the home value front for everyone.
The final March home sale numbers for Culpeper County should be out in the next week. With that information and following trends over the next few weeks we might be able to get a preview of where the market is headed. Any reduction in the distressed property totals in Culpeper County will be welcome news to anyone looking to sale their home. For those looking to buy, pay close attention to market conditions so that you can continue to get maximum value in your new home purchase.
If you are looking for more information on the local real estate market check out CulpeperHomeSales.com.