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.
Year over Year
Month over Month
Total Sold Dollar Volume
Median Sold Price
Average Sold Price
Average Days on Market
Average Sold to Original List Ratio
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.
New Under Contracts
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:
Happy buying and selling!