Subdivision Analysis: Villages of Purcellville 2011 09 15

Prices on the Rise

Last month there were no active listings in the Villages of Purcellville and there were three homes with pending contracts.  None of those three have settled yet (two are short sales) and their average list price is $318,267.  Whew, that’s low.  The good news though is that three new listings have entered the market with an average list price of $404,000 (none are distressed sales).  It seems that the community had to work through its short sales and now the market is back to a normal level.

There has been no change in the number of closings in Village of Purcellville since August (seven year-to-date closings).  The year-to-date median sold price is $349,000, down 11 percent from the 2010 median.  Sellers in 2011 had more modest expectations than in 2010; original list prices more accurately matched market conditions as seen in a much lower average price decrease.  But, seller contributions increased 43 percent to an average of about $5,000.  The time it takes to sell a home did improve though from an average of 99 days in 2010 to just 50 days through August 31, 2011.

Please call me if now is the time for you to sell your home.  Prices are back!  Let’s take advantage of low supply and high demand.


2 Comments on “Subdivision Analysis: Villages of Purcellville 2011 09 15”

  1. Thanks for this great analysis. My question for you is do you think appraisals for the 3 actives will be an issue with the most recent comps being so low and distressed sales?

    • Rosemary deButts says:

      Hey Sue. I guess that depends on how the appraiser deals with short sales. I think it’s a definite possibility though…very good point.

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