Spotsylvania Virginia Homes Sales Increase - Lower Priced Homes Increase Spotsylvania VA Homes Sales
The latest sales statistics for MRIS* which is our Virginia MLS service we use has just been released today October 10, 2008. It has some very interesting trends. First, Spotsylvania homes sales are up 65.98 % over same time period in September 2007 which had 97 home sales. September 2008 saw 161 Spotsylvania homes sold. The average price for a home sold in Spotsylvania has dropped from $318,857 last September to an average sold price of $248,780 this year. That is a drop in average sales price 30.95 %. The final sales figure does not reflect that seller's contributions or concessions to make the deal work and that is lowering the sellers net. It is important to know in this market the sellers are netting less than reported by the statistics.
The list price sales price ratio of a home for sale is 89.50% the time needed to sell a home has decreased from 125 days to 123 days almost an 1.6%% improvement in the time to sell a home. However, it is still definitely a buyers market! My interpretation is that a major increase in sales of units of homes in Spotsylvania VA that sold to sales of foreclosures, short sales, and motivated sellers. Homes that are realistically priced sell are selling.
*MRIS - Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format