Wednesday, January 14, 2009

Fair Ridge Homes Weekly Report 1/8/09-1/14/09

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INTRODUCTION

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As of today (January 14, 2009 11 AM) there are 7 active homes in Fair Ridge and 2 homes that are currently under contract and 0 home that has sold in the last 30 days.

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

Townhomes- 7

1 Bank Owned, 3 Regular Sales, 3 Short Sale


NEW LISTINGS

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


UNDER CONTRACT

According to MLS, there is 2 townhomes (1 bank owned and 1 regular sale) under contract.

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

12331 Quiet Hollow Ct - 15 (DOMP) 4 bd/4ba

I will have the final numbers for these once they close


SOLD

According to MLS, 0 home has sold in the last 30 days .

Sold more than 30 days ago

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

List Price - $339,000 / Sales Price - $318,000 / Seller Subsidy - $8,500

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

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

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

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


22033

These stats are for all real estate in the 22033 zip code for the Month of December
2008 2007 % Change
Total Sold $ Volume $11,625,825 $14,391,987-19.2%
Avg. Sold Price$400,891 $423,294 -5.2%
Median Sold Price $319,900 $4410,000-21.9%
Total Units Sold 2934 -14.7%
Avg. Days on Market11289 25.8%
Avg. List Price for Solds: $461,292 $454,655 1.4%
Avg. Sale Price as a percentage of Avg. List Price: 86.91% 93.10%



Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN


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


RENTALS

There is currently 0 townhome for rent and 2 condos for rent

1 townhomes has 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

We had one new TH come on the market here this past week. We are still waiting for the bank owned and regular sale TH to close. They should close before the end of this month. I do not see anything holding those up.

The problems I see right now are one of the TH for sale is a short sale. They have dropped their price 40k to 382k since being on the market in hopes to get a contract. The bank has agreed to this price so I believe its only a matter of time until a buyer snags this one up at that great price.

There are two TH in the newer section of Fair Ridge with double garages. These are priced out of range for first time home buyers and move ups can get just get a Single Family home for this price. So these might continue to sit for a while because I doubt the owners are willing to come down in price anymore.

There are 2 other short sales that are really low. Below 325k These dont appear to be bank approved so these might not have a good set of professional negotiators helping them out and these could take a while to close.

The other two are regular sales and are priced under 375k I think these are great buys for first time home buyers especially in the Fairfax area. They have been on the market for 27 days and 5 days. These should probably be gone by March unless there are some hidden problems with them.

Owners do not be discouraged if you are thinking about selling. If you have some equity built up and can sustain a little hit and are thinking of getting a single family home or moving closer to the city consider this.

*Numbers are not actual *
If you were trying to sell your TH and you really would like to get 400k for it but you have to take a 20% cut because of the market. Well you can now sell it for 320k YIKES thats true but look at this. Your next purchase a couple years ago would of cost you 600k but now because of the market they are taking a 20% cut. So this means you are getting your next home for 480k. That is a 40k gap you saved !! 120 k vs 80k Not to mention interest rates are so much lower right now than a couple years ago. Now if the market was like it was 3 years ago you would be losing that 40k but in this market you are gaining. You can not sell high and buy low. It just is not possible.

If you are thinking about buying within the next 3 months. Contact us



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

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