Weekly Update 1/711/11 - 1/13/12

INTRODUCTION

As of today, there are 50 active listings in MLS and 23 homes which went under contract in the past 30 days. This gives us a current absorption rate of 2.2 which is the same as last week's rate of 2.2. 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: 5
Disclosed Potential Short Sales: 9
Percent of Short Sales: 18%

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

Total Distressed Sales: 12
Percent of Total Distressed Sales: 24%

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 1/711/11 - 1/13/12. This is 1 more than last week.
Town Homes:

43021 EUSTIS ST, LP: $309,900 DOMM/DOMP: 0/0


Detached Homes:

25802 DONEGAL DR, LP: $549,900 DOMM/DOMP: 1/1
25790 AYTHORNE LN, LP: $570,000 DOMM/DOMP: 1/1

UNDER CONTRACT According to MLS, there were  5 homes which went under contract during this period, 1 more than the previous week. Town Homes: 25806 TURLOUGH TER, Status: CONTRACT LP: $294,900 DOMM/DOMP: 68/68 (bank owned) Detached Homes: 25202 JUSTICE DR, Status: CONTRACT KO LP: $470,000 DOMM/DOMP: 47/47 (bank owned)25936 DONOVAN DR, Status: CONTRACT LP: $529,900 DOMM/DOMP: 32/32 25606 SOUTH VILLAGE DR, Status: CNTG/NO KO LP: $584,900 DOMM/DOMP: 65/65 (bank owned)42668 BRADFORDS TELEGRAPH CT, Status: CNTG/KO LP: $699,000 DOMM/DOMP: 23/23 (short sale) This is is 3 more distressed sales going to under contract status this past than in the previous week. The average days on the market for the 5 homes is 47 days or about 1.6 months. This is under the current absorption rate for South Riding 2.2 mentioned in the introduction. SOLD Acording to MLS there was 1 home sold and went to record for the week of 1/711/11 - 1/13/12. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Town Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 25535 BERESFORD DR, $364,500, $356,500 - $8,600 = $347,900 95.5%, 97/97   Average Net %: 95.5% Average DOMM / DOMP: 97/97 SUMMARY The current inventory level for South Riding increased to 50 active listings. With 3 new listings and 5 homes which went under contract last week last week with average days on the market of 47.  1 home sold and went to record with an average days on the market of 97 and average net to list price percent of 95.5%. Looking back over the past 5 weeks which had sold homes the average net to list price has been 95.5%, 98.3%, 96.5%, 101.3%, and 95.8% for an average of 97.5%. 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.