In this market it is critical to know your numbers! The numbers don't lie and will help you make well informed decisions when preparing to buy or sell a home.
The statistics below are for Spotsylvania County in January 2009.
I have included some critical market information in this article taken from the MRIS Real Estate Trend Indicator Report.
The average market time for homes priced under $500,000 in Spotsylvania County is 135 days on the market.
The average market time in 2008 was 184 days.
The good news is it takes 27% less time to sell your well priced property now than this time in 2008! In January, there were 1071 Active Residential Real Estate Listings priced under $500,000 and 85 Residenital units sold.
The average sold price is $237,421.
This number is down 19.
41% from 2008.
The average sales price as a percentage of average list price is 86.
65 % compared to 87.
32 % in 2008.
The median sold price is down 20% from $ 260,000 in January 2008 to $ 207,900 in January 2009.
In January 2009, there were 257 listings taken for the month and a total of 145 properties marked under contract or contingent.
Another promising number is that the total Units Sold in January 2009 was 85 compared to 71 units sold in January 2008 and increase of nearly 20%! Purchasers are most frequently using Conventional, FHA and VA Financing.
Sellers can utilize this information while deciding when to place their home on the market, when reviewing offers on their home and when deciding if this is an appropriate time to place their home on the market.
While purchasers will find this information helpful when it is time to formulate an offer and negotiate price.