Market report from Wine Trails Homes, LLC. Wonderful information for those looking in the Culpeper area. We are seeing an upswing, however small, up is up!
Have to love our market base, and that we have new construction occurring.
I am always curious and forever running stats of past years vs current, as well as the amount of short sales, traditional sales and foreclosure sales for the homes that have sold.
This is the only way of staying on top of the Culpeper market, or any other market.
Since the beginning of Aug Culpeper has had 22 less closings this year vs the same time last year. Last year there was more inventory. I can't help but to think that if inventory levels were higher we would have experienced way more movement.
The plus side of our market? Short Sales and Foreclosure resales are down!
Here are the statistics of what has sold from Aug 1 to date.
94 traditional sales
26 short sales
24 foreclosure resales/REO
Last year at this time from Aug 1- Nov 19, 2011
80 traditional sales
42 short sales
The question is, Is this great news? Does it mean there are a lot of vacant homes that are not on the market for resale that would be foreclosures? Have folks given up on short sales?
We certainly have room for more inventory with the back log of buyers wanting to so desperately take advantage of the great interest rates.
So the question still remains, Are we seeing a shift? Is this great news?