Weekly Update 2/4/12 - 2/10/12

INTRODUCTION

As of today, there are 45 active listings in MLS and 38 homes which went under contract in the past 30 days. This gives us a current absorption rate of 1.2 which is lower than last week's rate of 1.5. 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: 15.6%

Bank Owned Condos: 1
Bank Owned Town Homes: 0
Bank Owned Detached Homes: 1
Total Bank Owned: 2
Percent of Bank Owned: 4.4%

Total Distressed Sales: 9
Percent of Total Distressed Sales: 20%


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

NEW LISTINGS

According to MLS there was 4 homes new to mls for the week of 2/4/12 - 2/10/12. This is 1 more  than last week.


Town Homes:

42683 LATROBE ST, LP: $365,000 DOMM/DOMP: 0/0 (short sale)
Detached Homes:

26032 RACHEL HILL DR, LP: $525,000 DOMM/DOMP: 1/1
25819 ANDERBY LN, LP: $575,000 DOMM/DOMP: 1/1
43359 HOLLYBANK PL, LP: $725,000 DOMM/DOMP: 3/3

UNDER CONTRACT According to MLS, there were 11 homes which went under contract during this period4 more than the previous week. Town Homes: 42638 HARRIS ST, Status: CNTG/KO LP: $280,000 DOMM/DOMP: 3/3 (short sale) 25322 HERRING CREEK DR, Status: CNTG/NO KO LP: $287,500 DOMM/DOMP: 11/11 (short sale) 42805 SHALER ST, Status: CNTG/NO KO LP: $329,900  DOMM/DOMP: 4/4  26096 NIMBLETON SQ, Status: CNTG/NO KO LP: $345,000 DOMM/DOMP: 19/19 (short sale) 25478 FREDA LN, Status: CNTG/NO KO LP: $349,888 DOMM/DOMP: 91/91 43442 INTERVAL ST, Status: CNTG/NO KO LP: $349,900 DOMM/DOMP: 6/6 Detached Homes: 43108 DEMERRIT ST, Status: CNTG/NO KO LP: $390,000 DOMM/DOMP: 82/82 (short sale) 25888 ROPER LN, Status: CNTG/NO KO LP: $469,900 DOMM/DOMP: 4/264 43439 MINK MEADOWS ST, Status: CNTG/NO KO LP: $519,990 DOMM/DOMP: 0/0 26031 GLASGOW DR, Status: CNTG/NO KO LP: $650,000 DOMM/DOMP: 11/11 This is 1 more of distressed sales going to under contract status this past than in the previous week. The average days on the market for the 11 homes is 45 days or about 1.5  months. This is over the current absorption rate for South Riding 1.2 mentioned in the introduction. SOLD Acording to MLS there was 1 home 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. Town Homes: Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 43021 EUSTIS ST, $309,900, $310,000 - $9,300 = $367,500, 97% 5/5 Average Net %: 97% Average DOMM / DOMP: 5/5 SUMMARY The current inventory level for South Riding decreased to 45 active listings. With 4 new listings and 11 homes which went under contract last week last week with average days on the market of 45. 1 home sold and went to record with an average days on the market of 5 and average net to list price percent of 97%. Looking back over the past 5 weeks which had sold homes the average net to list price has been 97%, 97.6%, 98.3%,97.8%, and 95.5% for an average of 97.2%.  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