Weekly Update 1/21/11 - 1/27/12

INTRODUCTION

As of today, there are 57 active listings in MLS and 30 homes which went under contract in the past 30 days. This gives us a current absorption rate of 1.8 which is lower than last week's rate of 1.9. 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: 5
Disclosed Potential Short Sale Detached Homes: 4
Disclosed Potential Short Sales: 9
Percent of Short Sales: 16.7%

Bank Owned Condos: 0
Bank Owned Town Homes: 2
Bank Owned Detached Homes: 1
Total Bank Owned: 3
Percent of Bank Owned: 5.6%

Total Distressed Sales: 12
Percent of Total Distressed Sales: 22.2%

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

NEW LISTINGS

 

According to MLS there was  7 homes new to mls for the week of 1/21/11 - 1/27/12 . This is 2 more than last week.

Condos:

25135 MCBRYDE TER #48F, LP: $259,900 DOMM/DOMP: 2/2
25145 MONTEITH TER #57E, LP: $299,900 DOMM/DOMP: 0/0

Town Homes:

25322 HERRING CREEK DR, LP: $287,500 DOMM/DOMP: 1/1 (short sale)
26031 MURREY DR, LP: $360,000 DOMM/DOMP: 6/6
25637 ANTHEM TER, LP: $489,950 DOMM/DOMP: 2/2
Detached Homes:

25636 CREEK RUN TER, LP: $470,000 DOMM/DOMP: 2/2
26031 GLASGOW DR, LP: $650,000 DOMM/DOMP: 1/1

UNDER CONTRACT According to MLS, there were 7 homes which went under contract during this period, 1 more than the previous week. Condos: 25148 SHULTZ TER #56G, Status: CNTG/NO KO LP: $275,000 DOMM/DOMP: 113/113 (short sale) 25140 DRILLFIELD TER #63E, Status: CNTG/NO KO LP: $280,000 DOMM/DOMP: 46/46 Town Homes: 42599 PINE FOREST DR, Status: CONTRACT LP: $.324,900 DOMM/DOMP: 6/6 (bank owned) 42963 ASTELL ST, Status: CNTG/NO KO LP: $334,950 DOMM/DOMP: 15/15 42680 ROLLING ROCK SQ, Status: CNTG/KO LP: $379,990 DOMM/DOMP: 12/12 Detached Homes: 26098 SARAZEN DR, Status: CNTG/NO KO LP: $439,900 DOMM/DOMP: 35/35  26123 GLASGOW DR, Status: CNTG/NO KO LP: $585,000 DOMM/DOMP: 185/185 (short sale) This is is 1 more distressed sales going to under contract status this past than in the previous week. The average days on the market for the 7 homes is 59 days or about 2 months. This is over the current absorption rate for South Riding 1.8 mentioned in the introduction. SOLD Acording to MLS there was 1 home sold and went to record for the week of 1/21/11 - 1/27/12. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Detached Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 42325 MAGISTRATE CT, $599,000, $589,000 - $0 = $589,000 98.3%, 42/111 Average Net %: 98.3% Average DOMM / DOMP: 42/111 SUMMARY The current inventory level for South Riding increased to 54 active listings. With 7 new listings and 7 homes which went under contract last week last week with average days on the market of 59. 1 home sold and went to record with an average days on the market of 11 and average net to list price percent of 98.3%. Looking back over the past 5 weeks which had sold homes the average net to list price has been 98.3%,97.8%, 95.5%, 98.3%, and  96.5% for an average of 97.3%. 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.