Weekly Update 11/19/1/11 - 11/26/11

INTRODUCTION

As of today, there are 53 active listings in MLS and 13 homes which went under contract in the past 30 days. This gives us a current absorption rate of 2.5, which is lower 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: 1
Disclosed Potential Short Sale Town Homes: 3
Disclosed Potential Short Sale Detached Homes: 2
Disclosed Potential Short Sales: 6
Percent of Short Sales: 11.3%

Bank Owned Condos: 1
Bank Owned Town Homes: 3
Bank Owned Detached Homes: 1
Total Bank Owned: 5
Percent of Bank Owned: 9.4%

Total Distressed Sales: 13
Percent of Total Distressed Sales: 23.6%

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 11/19/1/11 - 11/26/11. This is one less than last week.

Town Homes:
42472 MANDOLIN ST, LP: $350,900 DOMM/DOMP:   1/1 (short sale)

Detached Homes: 43108 DEMERRIT ST, LP: $410,000 DOMM/DOMP: 4/4  (short sale)

25822 PRIESTERS POND DR, LP: $600,000 DOMM/DOMP: 2/2

25602 VILLAGE DR, LP: $649,950 DOMM/DOMP: 4/4 UNDER CONTRACT According to MLS, there were  5 homes which went under contract during this period, 5 more than the previous week. Condos: 42822 LONGWORTH TER #36A, Status: CNTG/NO KO LP: $249,900 DOMM/DOMP: 3/123 (short sale) Town Homes: 26104 NIMBLETON SQ, Status: CONTRACT LP: $369,000 DOMM/DOMP: 119/119 (short sale) Detached Homes: 42538 NEIGHBORLY LN, Status: CNTG/NO KO LP: $517,500 DOMM/DOMP: 21/83 25794 VILLAGE DR, Status: CNTG/NO KO  LP: $600,000 DOMM/DOMP: 65/65 (bank owned) 42611 SUNY BAY CT, Status: CNTG/NO KO LP: $739,000 DOMM/DOMP: 242/242 This is is the 3 more distressed sales going to under contract status this past than in the previous week. The days on the market for the 5 homes is 126 days or about 4.2 months. This is under the current absorption rate for South Riding 3.2 mentioned in the introduction. SOLD Acording to MLS there were 3 homes sold and went to record for the week of 11/19/1/11 - 11/26/11. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Condos: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 25169 FEMOYER TER #43C, $269,900, $255,000 - $3,633 = $251,367, 93.1%, 44/44 (bank owned) Town Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 43444 JUBILEE ST, $300,000, $300,000 - $9,000 = $291,000, 96.7%, 54/54 (short sale) Detached Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 42643 FREEDOM ST, $525,000, $515,000 - $10,000 = $505,000, 96.2% 5/5 (short sale) Average Net %: 95.3% Average DOMM / DOMP: 34/34 SUMMARY The current inventory level for South Riding decreased to 53 active listings. With 4 new listing and 5 homes which went under contract last week last week with average days on the market of 126. 3 homes sold and went to record with an average days on the market of 34 and average net price of 95.3%. Looking back over the past 5 weeks which had sold homes the average net to list price has been 97.2%, 97.7, 98.5%,97.9%, and 96.8% for an average of 97.6%.      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.