Weekly Update 10/22/1/11 - 10/218/11

INTRODUCTION

As of today, there are 60 active listings in MLS and 12 homes which went under contract in the past 30 days. This gives us a current absorption rate of 5.0, which is higher than last week's rate of 4.2. The number of distressed sales out of the total actives and the breakdown is as follows:

Disclosed Potential Short Sale Condos: 2
Disclosed Potential Short Sale Town Homes: 7
Disclosed Potential Short Sale Detached Homes: 2
Disclosed Potential Short Sales: 11
Percent of Short Sales: 18.3%

Bank Owned Condos: 2
Bank Owned Town Homes: 4
Bank Owned Detached Homes: 1
Total Bank Owned: 7
Percent of Bank Owned: 11.7%

Total Distressed Sales: 18
Percent of Total Distressed Sales: 30%

Contact me if you would like additional information on any of these South Riding Homes for Sale

NEW LISTINGS

According to MLS there was 4 homes new to mls for the week of 10/22/1/11 - 10/218/11. This is 1 more than last week.

Town Homes:

25806 TURLOUGH TER, LP: $300,960 DOMM/DOMP: 3/3 (bank owned)
42691 ROLLING ROCK SQ, LP: $$369,000 DOMM/DOMP: 3/43(short sale)
25324 WHIPPOORWILL TER, LP: $379,900 DOMM/DOMP: 1/1 (short sale)

Detached Homes: 42313 MAGISTRATE CT, LP: $643,000 DOMM/DOMP: 1/1

UNDER CONTRACT According to MLS, there were No homes which went under contract during this period, 4 less than the previous week. SOLD Acording to MLS there were 2 homes sold and went to record for the week of 10/22/1/11 - 10/218/11. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Detached Homes:Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 43089 EDGEWATER ST, $475,000, $470,000 - $0 = $470,000, 99%, 101/101 25770 TULLOW PL, $765,000, $750,000 -$0 = $750,000, 98%, 7/7 Average Net %: 98.5% Average DOMM / DOMP: 54/54 . SUMMARY The current inventory level for South Riding increased to 60 active listings. With 4 new listing and No homes which went under contract last week.. 3 homes sold and went to record with an average net price of 98.5% and average days on the market of 54. Looking back over the past 5 weeks which had sold homes the average net to list price has been 98.5%,97.9%, 96.8%, 96.3%, and 96.7% for an average of 97.2%.       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.