Weekly Update 12/3/1/11 - 12/9/11

INTRODUCTION

As of today, there are 46 active listings in MLS and 20 homes which went under contract in the past 30 days. This gives us a current absorption rate of 2.3, which is lower 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: 4
Disclosed Potential Short Sales: 7
Percent of Short Sales: 15.2%

Bank Owned Condos: 0
Bank Owned Town Homes: 3
Bank Owned Detached Homes: 2
Total Bank Owned: 5
Percent of Bank Owned: 10.9%

Total Distressed Sales: 12
Percent of Total Distressed Sales: 26.1%

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

NEW LISTINGS

According to MLS there was no homes new to mls for the week of 12/3/1/11 - 12/9/11 . This is 3 less than last week.

UNDER CONTRACT According to MLS, there were 7 homes which went under contract during this period, 3 more than the previous week. Town Homes: 25258 BALD EAGLE TER,  Status: CNTG/NO KO List Price: $354,000  DOMM/DOMP: 71/71 25324 WHIPPOORWILL TER, Status: CNTG/NO KO List Price: $364,900 DOMM/DOMP: 39/39(short sale) 25934 PRIESTERS POND DR, Status: CNTG/NO KO LP: $389,900 DOMM/DOMP: 18/18 Detached Homes: 25606 CREEK RUN TER, Status: CNTG/NO KO LP: $399,900 DOMM/DOMP:  3/3 (short sale) 26129 TALAMORE DR, Status: CNTG/NO KO LP: $585,000 DOMM/DOMP: 60/171 25749 CELBRIDGE WAY, Status: CNTG/KO LP: $620,000 DOMM/DOMP: 6/37 (short sale) This is is the 1 more distressed sales going to under contract status this past than in the previous week. The days on the market for the 7 homes is 57 days or about 1.8  months. This is under the current absorption rate for South Riding 2.3 mentioned in the introduction. SOLD Acording to MLS there were no homes sold and went to record for the week of 12/3/1/11 - 12/9/11. 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 decreased to 48 active listings. With no new listing and  7 homes which went under contract last week last week with average days on the market of 89. 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 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.