Wednesday, January 7, 2009

Fair Ridge Weekly Report 1/01/09-1/07/09

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INTRODUCTION

As of today (January 7, 2009 10 AM) there are 6 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- 6

1 Bank Owned, 2 Regular Sales, 3 Short Sale


NEW LISTINGS

According to MLS, there was 0 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 November
2008 2007 % Change
Total Sold $ Volume $11,624,023 $19,439,225-40.2%
Avg. Sold Price$387,467 $431,983 -10.3%
Median Sold Price $362,500 $420,000-13.7%
Total Units Sold 3045 -33.3%
Avg. Days on Market7069 -1.4%
Avg. List Price for Solds: $407,368 $466,933 -12.8%
Avg. Sale Price as a percentage of Avg. List Price: 95.11% 92.51%


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EXPIRED or WITHDRAWN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

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

The only movement this past week was a Townhome was taken off the market that was previously for sale.

There are currently two TH in the new section of Fair Ridge that have been on the market for over 100 days. They have barely dropped their price. Either they need to drop there price more if they need to sell or wait until next year to put it back on the market.

That only leaves 4 more TH for sale in Fair Ridge and these are short sales.

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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