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Fort Hunt Real Estate Statistics: February 2012

Spring is upon us, and the spring selling season—like the blossoms—are popping!

You will notice that our statistics are always a month behind, as they are not released until the 10th of the following month

Were you wondering what went on with our local market Real Estate for the month of February in our zip code?

It was a VERY active month for real estate.

Check out the chart attached which gives us a nice visual of the activity, specifically with under contract (pendings) listings being much higher in February 2012 than the last four Februarys. This is pretty remarkable, and agents are noticing both new listings and existing listings going under contract very quickly.

Below you will notice what a strong month February was as we are up in every statistic and had 11 closed sales. Buyers are buying, inventory is low, and interest rates are really, really low and attractive right now, saving buyers real money over the life of their home loans. 

You will notice that average days on market, although up year over year by 14 percent, is down almost 52 percent from last month which is another indication of how many homes are going under contract.

Statistic

Values

Year over Year

 

Month over Month

Total Sold Dollar Volume

$7,236,500

+190.51%

+123%

Closed Sales

11

+175%

+83.33%

Median Sold Price

$610,000

+10.81%

+19.37%

Average Sold Price

$657,864

+5.64%

+21.64%

Average Days on Market

73 days

+14.06%

-51.97%

Average Sold to Original List Ratio

95.43%

+2.12%

+6.96%

The chart below illustrates the most interesting statistic of the month; take a look at the active listings, way down from February 2011. There were 22 new listings that came on the market in February, and many went under contract very quickly. Our under contracts statistics show almost twice as many pendings as February 2011! Lower inventory translates into good news for sellers. We appear to be trending in a pattern where new listings are selling very quickly.

Inventory

 

 

 

 

Feb-12

Feb-11

% Change

Active Listings

34

58

-41.38%

New Listings

22

19

15.79%

New Under Contracts

6

0

0.00%

New Contingents

16

7

128.57%

New Pendings

22

7

214.29%

All Pendings

26

14

85.71%

 

We will be keeping our ear to the ground to see how the spring selling season trends in the next few months. There likely will be a good amount of new listings/inventory coming on the market for sale. If this current trend continues, this could be a fantastic year for real estate sales in zip code 22308.

We will be back with you next month. Meanwhile, please let us know if you have questions or comments by clicking the link below:

Lyssa Seward

Jane Cole

Happy buying and selling!

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