Tuesday, November 25, 2008

Fair Ridge Weekly Report 11/19/08-11/25/08

INTRODUCTION

We are your neighborhood expert !

It is very important to have all the correct information before you make the huge decision to buy, sell or rent. We know this community very well and have helped a lot of families here. We study it a couple times a week and would be honored to help you reach your real estate goals and needs.

As of today (November 25, 2008 11 AM there are 5 active homes in Fair Ridge and 2 homes that are currently under contract and 1 home that has sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 5 - Average DOMP -56days

1 Bank Owned, 2 Regular Sales, 2 Short Sale


NEW LISTINGS

According to MLS, there was 1 new listing this week.


UNDER CONTRACT

According to MLS, there are 2 townhomes (Both are bank owned) under contract.

4203 Fox Lake Dr -(14 DOMP) 4bd/4ba

12301 Sleepy Lake Ct - (15 DOMP) 4bd/4ba


I will have the final numbers for these once they close


SOLD

According to MLS, 1 home has sold in the last 30 days .

12217 Apple Orchard Ct - (124 Days on Market) 3bd/4ba/1garage

List Price - $359,000
Sale Price - $335,000
Seller Subsidy - $450

More than 30 days...

12208 Apple Orchard Ct ( 9 DOMP) 3bd/3ba

List Price - $359,000
Close Price - $359,000
Seller Subsidy - $10,000


Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




These stats are for all real estate in the 22033 zip code for the Month of October
2008 2007 % Change
Total Sold $ Volume $13,514,790 $17,929,266-24.6%
Avg. Sold Price$409,539 $484,575 -15.4%
Median Sold Price $374,000 $410,000-8.7%
Total Units Sold 3337 -10.8%
Avg. Days on Market8187 -6.9%
Avg. List Price for Solds: $432,953 $515,425 -16%
Avg. Sale Price as a percentage of Avg. List Price: 94.59% 94.01%




EXPIRED or WITHDRAWN

There has been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 1 townhomes for rent - 3bd/4ba/1garage

3 (+1) townhomes have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a fully licensed property management group also. Just ask us more about how this benefits you.


OBSERVATIONS

There is not much going on at Fair Ridge right now. The home that just sold was another bank owned townhome. These are being priced very competitively and selling much more faster than the short sales and regular sales.

There are 2 regular sales that are in the newer section of Fair Ridge near the park. These homes are more expensive than the other townhomes in Fair Ridge and that might be hurting their case. Most first time buyers right now are looking under 400k. First time home buyers are the ones right now that are taking advantage of these low prices and buying up most of the homes, them and investors.

So these townhomes in the newer section will most likely sit for a while until they find the right type of buyer.

Rember if you are thinking of selling and worried about losing money in the process. When you move up to a bigger home, you will make up that difference in the new home. You are selling lower but you are also buying much lower also. Real esate for the most part should be bought for long term 5-10 years. Buy this time your new home should make up the difference. And you can always rent out your townhome as another option to selling low. Many Fair Ridge owners have equity in their home. Now is a good time to sell, if you are thinking of getting a bigger home.

We would love to help you consider your options. Please contact us



Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.










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