Building Relationships with New Addresses
The Lynchburg area real estate market has shown an increase in sales activity and a few new housing starts.
Market activity showed 98 closed transactions,
with $15,566,300 in total sales volume.
An average list price of $168,247 and
an average sales price of $158,840 showed that properties
are selling at 94.41% of their list price.
The average days on market came in with 138 days.
Good News in the real estate market in the Lynchburg area as sales increase over 2009. As the month of March ended, sales figures remained steady. With over 1961 active listings on the market, Realtors were anxious to see buyers’ reaction to the oncoming end of the Housing Stimulus package.
Average list price of those active listings was $237,619, and an average days on market of 128. This showed a higher average than in past months, but the days on market was consistant to that of the past year.
In the residential area, 143 units were sold, totaling $23,908,601. Realtors and sellers alike were smiling with an average of 119 days on market-less than 4 months. The average list price was recorded at $174,388, while the average sold price was recorded at $167,193. And, the question most asked by those buyers that do their homework, what is the percentage of list price to sales price? Still holding strong at 95.87%!
According to the Virginia Association of Realtors, the statewide housing market saw a 5.2% increase in sales during the first quarter of 2010 over the first quarter of 2009. AND, the median sales price went from $139,800 to $149,326—a 7% increase!
According to the Lynchburg Multiple Listing Service, home sales data for the month of February, 2010 remained steady with 217 new residential homes being placed on the market. The average list price of homes was lower than January at $204,267, and would be good news for the first time homebuying market.
Residential home sales for the month was reported with 97 closed units, for a total volume of $15,932,492. The average list price of those closed units was $172,221, down from January, and the sales price average was $164,252, also down from the January reporting period.
Days on market again held steady at 128 with the list to sale price ratio rising to 95.37%.
January of 2010 was off to a great start in real estate sales for the Lynchburg, Va. area. With low interest rates, and the tax credit, buyers were ready to take advantage of the market. 311 residential property listings were reported with an average listing price of $223,619.
Residential home sales were up with 85 transactions closing with a volume of $15,227,405. The average list price of those reported closed within the month was $191,276, and the average sales price was $179,146. It was good to see the lower days on market at 129 and the average list to sales price ratio remained steady at 93.66%.
Recovery may be slow in the Lynchburg area housing market, but for December of 2009, the slight increase in sales spurred more activity for a much anticipated 2010 housing market.
The Va. Home Sales Report showed that the total sales for the 4th quarter of 2009 were up 28.3% over that of the same quarter of 2008. Sales totalled 449 with only 350 in 2008. The market did have an impact over the average sales price with a .9% decrease- average sales price of $144,255 for the 4th quarter of 2009, and $145,605 for the same in 2008.
Overall sales for 2009 did show a decrease of 8.8%, 1871 units for 2009 under the total of 2051 for 2008. The average sales price decreased more to 2.1% with an average of $148,274 for 2009, and $151,505 for 2008.
How do you see the market? Did the economy affect your value?
If you are interested in keeping up to date on all issues regarding home ownership in Virginia, you are invited to join the Va. Homeowner Alliance. I will be glad to assist you in joining by contacting me today.
The local economic news seems to be a little dismal with rising unemplo
yment figures and slow growth, however, for the real estate market in our area, the news could be conceived as “better”! Statistics for the month of September, 2009, were higher than reported for the same month a year ago.
2009:
Residential Homes Sold- 350
Total Sales Volume- $26,510,058
2008:
Residential Homes Sold- 345
Total Sales Volume- $22,964,188
Even though the increase may be slight, it does show a more active market than last year.
September Report:
New Home Listings- 161
Average Selling Price- $164,658
Average Days on Market- 149
Average List to Sales Price Ratio- 95%
The real estate market is picking up in the Lynchburg, Bedford, Campbell County areas! Buyers have come alive and are anxious to utilize the first time homebuyers tax credit. They are taking advantage of the low interest rates and available financing options. The ample inventory of home choices is offering a great selection and they are experiencing the art of negotiation!
August, 2009:
553 New Properties were placed on the market
$ 178,364 Average Sales Price 176 Average Days on Market-Sales
$ 143,969 Amherst Co. 181
$ 263,261 Bedford Co. 186
$ 180,712 Campbell Co. 135
$ 160,889 Lynchburg 129
95% List Price/Sales Price Ratio
1928 Total Residential Properties on Market
153 Average Days on Market for Total Residential Properties
FHA lenders can offer a bridge loan product that enables you to utilize the benefit of the tax credit upfront and use it for closing fees, interest rate buydowns or more than the required 3.5% down payment. A buyer must have the minimum 3.5% down payment verified.
To obtain your credit, close on your home by November 30, 2009 and ensure that you are a qualified applicant under the present IRS guidelines, either choosing 2008 with an amended return or your 2009 tax return.
Obtain form 5405 to determine the amount of your credit, and apply to your return.
Its that easy!
Is it a Buyers or Sellers Market? You decide….
According to the Lynchburg Multiple Listing Service, this week has been active with both a strong showing of listings and sales.
For the Week of August 15, 2009:
Listings:
Sales:
Average List to Sales Price Ratio:
Average Days On Market:
Currently, there are ____ properties on the market enterd in the Lynchburg MLS.
Karen W Hall is marketing homes in Lynchburg, VA and the surrounding counties of Amherst, Bedford and Campbell - providing you with the Real Estate service you not only expect, but deserve! With over 25 years of experience in residential home sales, new construction, development and property management, and working with the #1 real estate company in the Region 2000 area - John Stewart Walker, Inc., I want to be Your Realtor! Let's get started on "Building a Relationship with a New Address" for you!
