The month of March 2010 is just about over. About mid-April home sales statistics for March will be posted by the Metropolitan Regional Information Systems (MRIS) and the results will be promulgated worldwide via the Internet. Statistics will be generated and depending on which "spin" you want, it would have been a good or a bad month for real estate sales.
All of us are asked, at least 100 times a month, "How is the real estate market?" My standard response was always "Unbelievable" (whatever that means).
Sometimes it is better to show statistics that others fail to present to make a point.
On a whim, early this month, I searched the MLS to find out how many homes had sold in my primary market (the city of Fredericksburg, VA; Spotsylvania County, VA; Stafford County, VA; King George County, VA; and Caroline County, VA.
A total of 210 homes were sold in our region during February 2010. Of that number 43 were labeled as short sales/potential short sales and 79 showed as being foreclosures. The total of "distressed sales" comes to 122.
Being the mathematical genius that I am (NOT) I figured that distressed sales accounted for 58% of the February sales.
What kind of spin can one put on that?
What should be my answer be when someone asks "How is the real estate market in Fredericksburg Virginia?"