Weekly Update 11/26/1/11 - 12/2/11

INTRODUCTION

As of today, there are 53 active listings in MLS and 15 homes which went under contract in the past 30 days. This gives us a current absorption rate of 3.5, which is higher than last week's rate of 3.5. The number of distressed sales out of the total actives and the breakdown is as follows:

Disclosed Potential Short Sale Condos: 0
Disclosed Potential Short Sale Town Homes: 3
Disclosed Potential Short Sale Detached Homes: 5
Disclosed Potential Short Sales: 8
Percent of Short Sales: 15.1%

Bank Owned Condos: 0
Bank Owned Town Homes: 2
Bank Owned Detached Homes: 2
Total Bank Owned: 4
Percent of Bank Owned: 7.5%

Total Distressed Sales: 12
Percent of Total Distressed Sales: 22.6%

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

NEW LISTINGS

According to MLS there was 3 homes new to mls for the week of 11/26/1/11 - 12/2/11. This is one less than last week.

Town Homes:
43186 KATAMA SQ, List Price: $299,900 DOMM/DOMP:   5/5 (short sale)

25118 NEPTUNE TER, List Price: $349,900 DOMM/DOMP: 1/1

Detached Homes: 25202 JUSTICE DR, List Price: $490,000 DOMM/DOMP: 6/6  (bank owned)

UNDER CONTRACT According to MLS, there were  4 homes which went under contract during this period, 1 less than the previous week. Condos: 42767 HOLLINGSWORTH TER #5D, Status: CNTG/KO List Price: $259,000 DOMM/DOMP: 55/55 (bank owned) Town Homes: 25146 DRILLFIELD TER, Status: CNTG/NO KO List Price: $279,900 DOMM/DOMP: 29/29  25257 NESTING SQ, Status: CNTG/NO KO List Price: $360,000 DOMM/DOMP: 45/193 (bank owned)  Detached Homes: 26120 TALAMORE DR, Status: CNTG/KO LP: $639,000 DOMM/DOMP: 78/78 This is is the 1 less distressed sales going to under contract status this past than in the previous week. The days on the market for the 4 homes is 89 days or about 3.0 months. This is under the current absorption rate for South Riding 3.5 mentioned in the introduction. SOLD Acording to MLS there were 4 homes sold and went to record for the week of 11/26/1/11 - 12/2/11. 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 42899 PAMPLIN TER, $279,900, $300,000 - $4,500 = $295,500, 105.6%, 20/20 (short sale) Town Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 43549 MINK MEADOWS ST, $349,000, $349,000 - $90 = $349,000, 100%, 76/76  25814 TURLOUGH TER, $365,000, $355,000 - $0 = $355,000, 97.3%, 85/85 Detached Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 25938 SARAZEN DR, $415,000, $405,000 - $10 = $405,000, 97.6%,   58/58 Average Net %: 98.7% Average DOMM / DOMP: 60/60 SUMMARY The current inventory level for South Riding decreased to 53 active listings. With 3 new listing and 4 homes which went under contract last week last week with average days on the market of 89. 4 homes sold and went to record with an average days on the market of 60 and average net price of 98.7%. Looking back over the past 5 weeks which had sold homes the average net to list price has been 98.7%, 97.2%, 97.7, 98.5%, and 97.9% for an average of 98%.        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.