To read the entire newsletter, click here: DOTM 2012 02 09
For the January 2012 edition of “Dirt on the Market”, click: DOTM 2012 01 10.
Here’s an excerpt:
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.