Everything about Fauquier Real Estate
Everybody is asking "What's up with Real Estate?" People are hearing the news that NOW is the time to BUY and that investors are grabbing up the best deals in many, many years. Everyone always likes to see hard facts and numbers so I will happily comply. I will try NOT to overload you though.
According to our MRIS MLS, Currently there are 665 Available residential properties on the market in all of Fauquier County. 75 that are under contract. The least expensive is $75,000 and the most expensive is $3,500,000. The AVERAGE listing price is $478,102 - which was reduced an average of 8.22% BEFORE contract. (Not including properties that were relisted and reduced - like when a seller switches agents and reduces at the same time.)
Since Nov 1 - about 3 months - 126 residential properties have SOLD! $144,900 to $2,900,000.
1 year ago - during the same 3 month period - 159 SOLD. The prices ranged from $120,000 to $2,100,000 and there was one really high property that sold for $10,500,000.
In order to examine these more thoroughly I will use Warrenton postal address as my subject. CURRENTLY 53 have SOLD since 11/01/2007. The Average sale price is $438,538. The final list price VS. the final asking price was 93.25%. Average is 176 days on the market. The seller paid on average $4,590 of the buyers closing costs.
Again the same period 1 year ago: INCLUDING the unusually BIG closing * The AVERAGE SOLD price was $533,713. The final list price VS. the original list price was 95.78%. Average of 124 Days on the market and the seller paid an average of $4,310 of the buyers closing costs.
Again the same period 1 year ago - WITHOUT the unusually BIG closing *** The average SOLD price was $412,173. The final list price VS. the original list price was 94.24%. Average of 123 days on the market and the seller paid an average of $4,362 of the buyers closing costs.
The breakdown is comparing the same time periods today VS last year THERE IS AN INCREASE in the AVG sales price of $26,365 - WITHOUT that unusually big dollar closing. NOW it is taking 53 days longer to sell a residential property.**********This data does NOT mean that the individual home price has increased - it means that higher dollar homes are selling more than a year ago which is bringing UP the AVG.
It is my opinion, which is supported by the facts in Warrenton postal address area, that this is GREAT NEWS for those property owners!!! Much better than the other Northern Virginia areas. Coupled with lower rates, safer loans, and stable inventories it IS a great time to buy or to sell! Good VA loans, USDA and FHA - makes it excellent for first time buyers! Plus they raised the loan limits on many of these programs.
This information was compiled using the private MRIS MLS system. I am a Realtor. These are my first blogs for the Times Community papers so please comment or e-mail me with future blog questions involving real estate. myREALTORrichie@mris.com and 703-401-7980. JBR Inc.