INTRODUCTION
As of today, there are 50 active listings in MLS and 13 homes that went under contract in the past 30 days. This gives us a current absorption rate of 3.9, which is higher than last week's rate of 3.1. The number of distressed sales out of the total actives and the breakdown is as follows:
Short Sale Condos: 0
Short Sale Town Homes: 11
Short Sale Detached Homes:11
Total Short Sales: 22
Percent of Short Sales: 44%
Bank Owned Condos: 0
Bank Owned Town Homes: 3
Bank Owned Detached Homes: 6
Total Bank Owned: 9
Percent of Bank Owned: 18%
Total Distressed Sales: 31
Percent of Total Distressed Sales: 62%
Contact me if you would like additional information on any of these South Riding Homes for Sale
NEW LISTINGS
According to MLS there were 7 new listings added to mls for the week of 1/19/2009-1/26/2009 ( this is 15 listinfgs new to the market in the past 14 says). This is 1 less than the previous week, 6 are distressed sales.
Town Homes:
25540 HUSSAR TER, LP: $255,000 DOMP: 4 (short sale)
25380 ASHBURY DR, LP: $299,900 DOMP: 3 (short sale)
25831 TURLOUGH TER, LP: $319,900 DOMP: 4 (short sale)
25190 LARKS TER, LP:
$335,000 DOMP: 6 (sort sale)
Detached Homes:
25467 DABNER DR, LP: $419,995 DOMP: 4 (short sale)
43444 ORSON ST, LP: $449,000 DOMP: 2
42541 MANDOLIN ST, LP: $539,900 DOMP: 1 (bank owned)
UNDER CONTRACT
According to MLS, there were 1 home which went under contract during this period, 4 less than the previous week.
Detached Homes:
25550 DAPPER CT, LP: $825,000 DOMP: 0
This is the 3 less distressed sales going to under contract status this past than in the previous week. The average days on the market for the 1 home is 0 days to receive an offer. This well under our current absorption rate for South Riding 3.9, mentioned in the introduction
SOLD
According to MLS, there were NO HOMES sold and went to record the period of 1/19/2009-1/26/2009. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.
SUMMARY
The current inventory level for South Riding increased this week by 5 units, to a total of 50 active listings an 13.5% increase in inventory. With 7 new listings, and 1 home receiving contracts this past week, accounted for the increase in inventory. This weeks additions to the market plus last weeks makes 15 homes new to the market in the past 2 weeks, looks like sellers are trying to get on to the "Spring Market" earlier this year. The home receiving a contract did so with no days on the market, it will be interesting to see how close the sellers got to the ask price, stay tuned to future blogs to see, once the sale closes and goes to record.
Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. 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.
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