It's time for the Woodbridge VA August 2015 home sales report. Time to compare August 2015 sales to 2014 sales to see where the market is going.
The market is a steady and healthy market. It's not a buyers market. It's not a sellers market. It's a neutral market.
The typical difference between list price and sold price is 3%.
The Woodbridge VA August 2015 Home Sales Report
In August 2015, 145 single family homes sold at an average price of $362,647.
In August 2014, 134 single family homes sold at an average price of $$357,278.
The number of single family homes sold was up this year over 2014 and the average price was up $5,369 over 2014.
In August 2015, 112 townhouses were sold at an average price of $275,057.
In August 2014, 99 townhouses were sold at an average price of $259,746.
The number of townhouses were up in 2015 over 2014 and the average sold price edged up by $15,305.
In August 2015, 22 condos were sold at an average price of $190,182.
In August 2014, 12 condos were sold at an average price of $196,354.
The number of units almost doubled, while the average price fell by 6,172.
When you look at the big picture, the number of homes sold is up this year over 2014, and prices are up slightly. That's a good thing. We don't want a market with home prices jumping up 20%, 30%, or higher; That level of growth typically leads to an eventual market crash.
Most of the increase in home prices in August, 2015 was in the first time buyer and move-up segments of the market. The upper brackets have seen steady home values.
The bottom line is homes have stayed affordable in 2014 and 2015 thanks to steady prices and low home loan interest rates.
Home loan interest rates were in the 2.5%-2.75% range in August of 2014.
Home loan interest rates were in the 3.5%-4.0% range in August of 2015.
Now at first glance, a rise in rates from 2.75% to 4.0 year over year may sound like a huge jump. It's not. Let's take a worse case scenario. A $350,000 loan with no points and a 1% loan origination fee at 2.75%, 30 years fixed is $1,429 per month. A 4% mortgage with the same terms is just $1,671, a difference of $242 per month.
You can find out more about your home affordability when you text or call Erick Blackwelder at 703-677-1120. Get a free home loan pre-qualification.
If you prefer communicating with Erick by email, just click here now.
You'll get a fast, free, and no hassle home loan pre-qualification. You'll know your buying power.
Do you already know your buying power? Do you want to use the easiest home search tool in Woodbridge Virginia? Go to LivingInWoodbridge.com and scroll down the page to find pre-formatted searches by price points.