Stone Ridge 2008 Year in Review

Introduction

Welcome to Stone Ridge 2008 year in Review. I will continue to post Weekly Updates by end of the day Monday which will feature the newly active homes from the previous week, homes going under contract from the previous week, as well as sold homes which went to record the previous week for Stone Ridge. You can also link from my website as well. I hope you find this blog useful in helping you understand what the market is doing. Feel free to email me with any questions. I am also including links to the Quartely Reviews for Stone Ridge.

To see Q2 Summary click here.

To see Q3 Summary click here.

To see Q4 Summary click here.

Click Here to see DAR's Market Statistics for all of Loudoun County

Quick Summary

Number of Resale Homes Sold in 2007: 63

Number of Resale Homes Sold in 2008: 80 (+17)

Change: 27% increase

Average List Price in 2007: $493,583

Average List Price in 2008: $441,720(-$51864)

Change: 11.7% decrease

Average Net Price (Sold Price - Subsidy) in 2007: $474,084

Average Net Price (Sold Price - Subsidy) in 2008: $425,823 (-$48,261)

Change: 11.3% decrease

Average DOMP in 2007: 73

Average DOMP in 2008: 64 (-9) Change: 14.1% decrease

Number of Short Sales in 2007: 0

Number of Short Sales in 2008: 5 (+5)
Change: N/A

*A Short Sale is when the mortgage balance is more than the value of the home. The Seller negotiates with the lien holder(s) to take the offer at hand.

Number of Bank Owned Sales in 2007: 7

Number of Bank Owned Sales in 2008: 23 (+16)

Change: 329% increase

*Some bank owned probably are not listed in MLS but most are. Some may be sold at auctions.

Percentage of Short Sale Resales in 2007: 0% 2008: 6.3%

Percentage of Bank Owned Resales in 2007: 11.1% 2008: 28.8%

Total Distressed Resales in 2007: 11.1% 2008: 35%

Click here to view all Sold Properties in 2007 and 2008 in spread sheet format.

Click here to download 2008 Sold Properties in PDF file with photos.

Click here to download 2007 Sold Properties in PDF file with photos.

Condos

Condo sales are up in 2008 compared to 2007, 6 more Condos sold in 2008 compared to 2007. Since there is no 2007 data to compare it to, the only reference is how the Condo Sale compares to Town Homes and Detached Homes in Stone Ridge for 2008. Condos were on the market for less days but netted less than Town Homes or Detached Homes in Stone Ridge. Most of the Condos sold in 2008 were from the builder.

Town Homes

Town home sales were down this year, there are 10 less Town Home sold in 2008. The average list price is down $57,394 and the net sale price is down $47,758 however the percent net to ask is up 1.81 basis points in 2008 to 97.36%. There is an decrease Days on the Market for 2008 by 14 days.

Detached Homes

Detached Home sales increased by 21 in 2008. The average list price was down $151,816 as well as the average net sales price decreased by $154,038. The percent of net to ask is down .86 basis points to 96.26%. Days on the Market decreased in 2008 by 3 days.

Conclusion

2008 had 17 more sales than 2007, with average listing prices decreasing by $51,864 and average net sales prices decreasing by $48,261. The percent of ask price was up .59 basis points to 96.51% in 2008 and the average days on market decreased by 9 days. 2008 also saw an increase in short sale and bank owned properties, I believe in 2009 there will still be a high percentage of distressed sales. Click here if you would like a free, no obligation Neighborhood Home Values Report. If you would like to contact me feel free to email me at markmurad71@aol.com, and don't forget to check back each week for my Weekly Updates for Stone Ridge.

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner or all New Hoes from builders information may have not been included. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.