Tuesday, December 2, 2008

Fair Ridge Weekly Report 11/26/08-12/2/08

INTRODUCTION

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As of today (December 2, 2008 10 AM there are 6 active homes in Fair Ridge (+1) 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- 6 - Average DOMP -68 days

1 Bank Owned, 3 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EXPIRED or WITHDRAWN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

Another slow week at Fair Ridge. I think this is due to the fact that it is December and most people that are buying right now are looking under 400k. The reason being is people buying right now are first time home buyers or investors. I dont expect much movement in Fair Ridge until late Jan/Feb. If you are thinking of listing you should probably wait. Contact us though to see how we can help sell your home quickly.

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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