Fort Hunt Real Estate Statistics: January 2012

Hello Fort Hunters. Spring is right around the corner, and the spring selling season for real estate should be in full swing very soon. 

Please take a look at the January 2012 statistics below for zip code 22308. We will be comparing our community’s sales in January 2012 to January 2011, as well as discussing comparisons to sales in our community from last month (December 2011).

As you can see from the chart below, there were only six sales in January 2012, so we are talking about a very small sample size. We were trending down in almost all categories, including total sold volume, closed sales, media sales, average sales and average sold to original price ratio. The only area where we were trending higher, and not in a good way, is average days on market, which were over 53 percent more year over year, and over 80 percent month over month.

We don’t want to draw huge conclusions based on the sale of six homes, but we will certainly keep our eye on these numbers. All in all, January 2012 was not a super strong month in our Fort Hunt community.

Statistic

Values

Year over Year

Month over Month

Total Sold Dollar Volume

$3,245,000

-39.91%

-30.35%

Closed Sales

6

-33.33%

-14.29%

Median Sold Price

$511,000

-9.56%

+7.58%

Average Sold Price

$540,833

-9.87%

-18.74%

Average Days on Market

152 days

+53.54%

+80.95%

Average Sold to Original List Ratio

89.22%

-6.38%

-0.15%

The chart below simply shows us a year over year comparison with some additional data for analysis. In this chart we are able to specifically see the January 2011 numbers.  Interestingly, you can see even though the list prices on the sold properties are only down 7 percent, the sold prices are also down 7 percent from original list price, indicating some softness in our marketplace.

Sold Summary

Jan-12

Jan-11

% Change

 Sold Dollar Volume

$3,245,004

$5,400,333

-39.91%

 Average Sold Price 

$540,833

$600,037

-9.87%

 Median Sold Price 

$511,004

$565,004

-9.56%

 Units Sold

6

9

-33.33%

 Average Days on Market

152

99

53.54%

 Average List Price for Solds

   $581,165

$624,765

-6.98%

 Average Sold Price to Original List Price Ratio

89.20%

95.30%

-6.38%

Below is a look at January over the last five years. We are certainly looking stronger activity-wise in 2012, especially compared to 2008 and 2009. You can see from this graphic that there are more homes under contract in January 2012, then in the last two years, indicating that February 2012 may show us better numbers with closed sales. We will get you these numbers as soon as they are available.

Lastly, let’s take a look at our community’s inventory situation year over year (January 2012 compared to January 2011). The good news for sellers here is that inventory is lower this year than last year. Lower inventory tends to favor sellers. The number of new listings is very close year over year. New contingents (homes under contract) are way up from this same time last year, which means that well-priced inventory is coming off the market.   

Inventory

 Jan 2012

 Jan 2011

 % Change

 Active Listings

 36

 48

 -25.00%

 New Listings

 14

 13

 7.69%

 New Under Contracts

 3

 6

 -50.00%

 New Contingents

 11

 3

 266.67%

 New Pendings

 14

 9

 55.56%

 All Pendings

 18

 13

 38.46%

It is worth noting that interest rates are very, very low, and prospective purchasers are wise to buy in the near future, taking advantage of the substantial savings that these lower interest rates afford in the life of their loans. 

Bottom line: buyers are still buying, and we are confident that our spring selling season will prove interesting!

Let us hear from you with questions or comments. Happy buying and selling!

Jane Cole Jcole@cbmove.com

Lyssa Seward Lseward@cbmove.com