Weekly Update 11/5/1/11 - 11/11/11

INTRODUCTION

As of today, there are 55 active listings in MLS and 17 homes which went under contract in the past 30 days. This gives us a current absorption rate of 3.2, which is higher than last week's rate of 2.9. 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: 2
Disclosed Potential Short Sale Detached Homes: 1
Disclosed Potential Short Sales: 5
Percent of Short Sales: 9.1%

Bank Owned Condos: 2
Bank Owned Town Homes: 4
Bank Owned Detached Homes: 2
Total Bank Owned: 8
Percent of Bank Owned: 14.6%

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

Town Homes:

25132 OMAHA TER, LP:  $325,000 DOMM/DOMP: 1/1
25478 FREDA LN, LP: $349,888 DOMM/DOMP: 1/1

Detached Homes: 25936 DONOVAN DR, LP: $549,900 DOMM/DOMP: 6/6

42668 BRADFORDS TELEGRAPH CT, LP: $729,000 DOMM/DOMP: 3/3(short sale)

UNDER CONTRACT According to MLS, there were 1 homes which went under contract during this period, 5 lesse than the previous week. Town Homes: 43188 CENTER ST, Status:CONTRACT LP: $259,900 DOMM/DOMP: 28/28 (short sale) This is is the 4 less distressed sales going to under contract status this past than in the previous week. The days on the market for the home is 28 days or about 1 month. This is under the current absorption rate for South Riding 3.2 mentioned in the introduction. SOLD Acording to MLS there were No 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. SUMMARY The current inventory level for South Riding increased to 55 active listings. With 4 new listing and 1 homes which went under contract last week with average days on the market of 28. No homes sold and went to record. 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.