Weekly Update 2/11/12 - 2/17/12

INTRODUCTION

As of today, there are 50 active listings in MLS and 37 homes which went under contract in the past 30 days. This gives us a current absorption rate of 1.4 which is higher than last week's rate of 1.2. 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: 3
Disclosed Potential Short Sales: 7
Percent of Short Sales: 14%

Bank Owned Condos: 1
Bank Owned Town Homes: 0
Bank Owned Detached Homes: 1
Total Bank Owned: 2
Percent of Bank Owned: 4%
Total Distressed Sales: 9
Percent of Total Distressed Sales: 18%


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 2/11/12 - 2/17/12. This is 3 more than last week.

Town Homes:
43192 CENTER ST, LP: $314,900 DOMM/DOMP: 4/4
42941 EDGEWATER ST, $347,000, DOMM/DOMP: 0/0
25816 TURLOUGH TER, LP: $349,900 DOMM/DOMP: 4/4 (short sale)
Detached Homes:
42579 PELICAN DR, LP: $439,900 DOMM/DOMP: 1/1
25913 KIMBERLY ROSE DR, LP: $445,000DOMM/DOMP: 2/2
25842 DONEGAL DR, LP: $649,900 DOMM/DOMP: 0/0
43292 CLARECASTLE DR, LP: $715,000 DOMM/DOMP: 3/3

UNDER CONTRACT According to MLS, there were 6 homes which went under contract during this period 5 less than the previous week. Town Homes: 26104 NIMBLETON SQ, Status: CONTRACT LP: $369,000 DOMM/DOMP: 139/139 (short sale) Detached Homes: 43070 BARONS ST, Status: CNTG/NO KO LP: $434,900 DOMM/DOMP: 28/28  25580 UPPER CLUBHOUSE DR, Status: CNTG/NO KO LP: $509,900 DOMM/DOMP: 9/9 25731 DONERAILS CHASE DR, Status: CNTG/NO KO LP: $625,000 DOMM/DOMP: 18/18 (short sale) 25878 SARAZEN DR, Status: CNTG/NO KO LP: $637,500 DOMM/DOMP: 119/119 43304 CLARECASTLE DR, Status: CNTG/NO KO, LP: $665,000 DOMM/DOMP: 4/4 This is 2 less of distressed sales going to under contract status this past than in the previous week. The average days on the market for the 6 homes is 53 days or about 1.8  months. This is over the current absorption rate for South Riding 1.4 mentioned in the introduction. SOLD Acording to MLS there wer 5 homes sold and went to record for the week of Weekly Update 2/4/12 - 2/10/12 . 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 42814 LONGWORTH TER #36E, $289,900, $285,000 - $10,000 = $275,000, 94.9% 76/148 Town Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 25118 NEPTUNE TER, $339,900, $335,000 - $0 = $335,000, 98.6%, 32/32 25258 BALD EAGLE TER, $354,000, $350,000 - $2,000 = $348,000, 98.3%, 80/80 Detached Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 25965 HARTWOOD DR, $439,00, $439,000 - $5,000 = $434,000, 98.9%, 13/13 25606 SOUTH VILLAGE DR, $584,900, $575,000 - $7,764 = $567,236, 97%, 65/65 (bank owned) Average Net %: 97.5% Average DOMM / DOMP: 53/68 SUMMARY The current inventory level for South Riding increased to 50 active listings. With 7 new listings and 6 homes which went under contract last week last week with average days on the market of 53. 5 home sold and went to record with an average days on the market of 68 and average net to list price percent of 97.5%. Looking back over the past 5 weeks which had sold homes the average net to list price has been 97.5%, 97%, 97.6%, 98.3%, and 97.8% for an average of 97.7%.  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