2009 Sales In Woodbridge Make Real Estate News Across The State
Real Estate News For Woodbridge About Homes Listed And Sold
Foreclosure And Short Sales In Woodbridge Virginia
Howdy Folks, and welcome to a new year, and a new decade.
My crack team of skilled staffers assembles a snapshot of numbers for the previous year.
My top-notch staff of seasoned veterans pulled the numbers are pulled from our local Multiple Listing Service (MLS) that is, in fact, the Metropolitan Realtors Information Service (MRIS).
What a good lookin' bunch of folks.
Why do we pull numbers from MRIS?
Every home listed for sale by any Realtor, at every office, for every company in the region, MUST enter the information about all homes for sale under "ACTIVE" status in MRIS.
When the home sells, Realtors MUST record the actual SOLD price in the listing, along with the contract date, the closing date, seller-paid buyer closing costs, and move the listing from "UNDER CONTRACT" to "SOLD" status.
When an ACTIVE listing is taken off the market at the seller's request, those listings are moved to "WITHDRAWN" status. In other words, the owners gave-up, quit, and chose to stay in their homes until the market meets their price.
When an ACTIVE listing agreement between owner and broker reaches the end of the period to which seller and agent agreed, the listing automatically moves itself to "EXPIRED" status in MRIS.
Homes that are temporarily taken off the market for a few days or a couple of weeks, the listing is moved from ACTIVE to "TO" status. For example seller asks the broker to move his house to TO status include a wide array of personal seller situations: the end-of-year holiday season when the house may be full of house guests, or gift wrap and baking cookies make a mess; a burst pipe summons a batallion of contractors to repair the damage; Mom & Dad want two weeks of uninterrupted peace and quiet when a new baby comes home.
Home builders typically pay an agent a flat fee to list homes "UNDER CONTRACT" while the builder is in the process of constructing their homes on behalf of folks who have contracted for a new home.
Finally, 2009 was the first year that MRIS tracked a full year of homes sold after foreclosure, plus homes that are sold by short-sale.
So without further fanfare, let's see those numbers for Prince William County
12,723 homes were put up for sale between January 1, 2009, through December 31, 2009.
In 2009, 6,831 homes SOLD and settled in Prince William County. So roughly 50% of all homes that were listed as ACTIVE at some time in 2009 actually sold and settled.
On December 31, 2009 2141 UNDER CONTRACT, pending settlement.
We add the 6,381 SOLD homes to the 2,141 homes that were UNDER CONTRACT pending settlement on December 31, 2009, and we see that the market ABSORBED 8,522 ACTIVE listings.
That yields an Annual Absorption Rate of 67% throughout the year 2009, meaning that 67% of homes listed ACTIVE in 2009 were chosen by ready-to-buy home buyers.
When we spread all 8,522 homes absorbed by the market across all 12 months in 2009, we see that, on average, 710 SOLD each month. You and I know that some months are fast, others are slow, but the monthly average of homes SOLD in 2009 was 710 homes.
Conversely, 33% of Prince William County homes listed For Sale, in ACTIVE status in 2009 did not sell.
For example, in 2009, 2,294 homes were WITHDRAWN from the market at the Seller's request.
On December 31, 2009, MRIS reported 87 homes as TO, temporarily off the market.
Over all 12 months of 2009, only 678 MRIS listings in Prince William County EXPIRED at the end of the listing period to which seller and agent agreed.
Turning to the home builders, there are 191 new homes under construction on behalf of buyers who have contracted to have those homes built, chunked down hefty deposits, and who are looking forward to when their homes are complete.
Homes that were FORECLOSED by banks, then SOLD by the bank to the next owner add up to 2,866.
Among the 8,522 that were absorbed by the market in 2009, roughly 33% of homes sold were bank sales of foreclosed properties.
Homes SOLD by SHORT SALE in 2009 added up to 3187.
Last, but not least, here is a HUGE bright spot of good news for potential home sellers in 2010.
1,084 homes are FOR SALE as ACTIVE listings across Prince William County as I tap this post on my keys.
That means we have roughly a-month-and-a-half of ACTIVE inventory FOR SALE in the County today.
It's a Seller's market.
Newly listed homes in tip-top conditions create an auction that attracts multiple bids from teeming hordes of ready-to-buy buyers withe FULLY APPROVED FINANCING. No kidding.
I can point to sold homes in MRIS that attracted 5, 12, even 22 offers.
There are more buyers right now than homes for sale in Prince William County.
So if you have been thinking about moving at some time in 2010, call your Family Realtor today to get detailed facts about your specific neighborhood.
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Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany, Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.
President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation. The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing. Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders.