Weekly Update 10/29/1/11 - 11/4/11

INTRODUCTION

As of today, there are 52 active listings in MLS and 18 homes which went under contract in the past 30 days. This gives us a current absorption rate of 2.9, which is lower than last week's rate of 5.0. 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: 3
Disclosed Potential Short Sale Detached Homes: 0
Disclosed Potential Short Sales: 5
Percent of Short Sales: 9.6%

Bank Owned Condos: 2
Bank Owned Town Homes: 4
Bank Owned Detached Homes: 1
Total Bank Owned: 7Percent of Bank Owned: 13.5%

Total Distressed Sales: 12
Percent of Total Distressed Sales: 23.1%

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 10/29/1/11 - 11/4/11. This is the same amount as last week.

Town Homes:

25495 AMBER GATE TER N, LP: $259,990 DOMM/DOMP: 4/4
25146 DRILLFIELD TER, LP:  $289,900 DOMM/DOMP: 3/3
25308 MCINTYRE SQ, LP: $429,000 DOMM/DOMP: 1/1 (bank owned)

Detached Homes: 42538 NEIGHBORLY LN, LP: $517,500 DOMM/DOMP: 2/64

UNDER CONTRACT According to MLS, there were 6 homes which went under contract during this period, 6 more than the previous week. Town Homes: 42815 FLANNIGAN TER #15A, Status:CNTG/NO KO LP:  $229,900 DOMM/DOMP: 23/23 (short sale) 25555 FRETTON SQ,  Status:CNTG/NO KO LP: $324,900 DOMM/DOMP: 16/16 (short sale) 25352 MCINTYRE SQ, Status: CNTG/NO KO LP: $349,999 DOMM/DOMP: 14/14 (short sale) Detached Homes: 43384 BURKE DALE ST, Status: CNTG/NO KO LP: $449,900 DOMM/DOMP: 45/45 (short sale)25760 LEONARD DR, Status: CNTG/NO KO LP: $529,900 DOMM/DOMP:   17/17 25598 VILLAGE DR, Status:  CNTG/KO  LP: $579,900 DOMM/DOMP:   19/19 (short sale) This is is the 5 more distressed sales going to under contract status this past than in the previous week. The days on the market for the home is 22 days or about .8 months. This is under the current absorption rate for South Riding 2.9 mentioned in the introduction. SOLD Acording to MLS there were 3 homes sold and went to record for the week of 10/29/1/11 - 11/4/11. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Town Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP6 KELLY TER, $324,500, $326,100 - $12,500 = $$316,600, 96.6%, 55/55 Detached Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 42473 FLEMMING DR, $719,990, $700,000 - $0 = $700,000, 97.2%, 165/165 42484 FLEMMING DR, $729,000, $729,000 -$5,000= $724,000, 99.3%, 4/4 Average Net %: 97.7% Average DOMM / DOMP: 75/75 . SUMMARY The current inventory level for South Riding decreased to 52 active listings. With 4 new listing and 6 homes which went under contract last week with average days on the market of 22. 3 homes sold and went to record with an average net price of 97.7% and average days on the market of 75. Looking back over the past 5 weeks which had sold homes the average net to list price has been 97.7, 98.5%,97.9%, 96.8%, and 96.3% for an average of 97.4%.      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.