January Market Data

It's time for another update on what the local market conditions look like from a statistical standpoint. The numbers I'm providing here are January, 2007 numbers unless I specify otherwise. These statstics are taken from the local Mulitple Listing Service (MLS).

We'll start with what I see as the most discouraging numbers: the total number of newly ratified contract in the Greater Piedmont Region (Fauquier, Culpeper, Rappahannock, Orange & Madison counties) in January of 2007 is 150. The total number of new listings entering the market was 485. Clearly inventory is headed back up again and that's bad for sellers. Buyers, life continues to look pretty rosy from your perspective!

Average days on market was 82 in January of 2006 and is now up to 148.

Average sales price as a percentage of list price was 94.59% in January of 2006. That number is now down to 90.58%.

Here's an interesting one for you! Average list price is up 2.66% year over year, but average sales price is down 1.69% for that same period.

Total active listings is 1903 as compared to 1334 last year at this time. This gets even more striking when you consider that just a month ago, December 2006, there were a total of 1260 active listings. I can confirm that I'm getting calls to take new listings almost daily.

What does this all mean? If you thought the spring would bring a hot sellers market, not a chance! For all those who are saying we've hit bottom, I doubt it! While there have indeed been more buyers out looking around they're not opening up the checkbook and you shouldn't count on them to.

If your home is not in top condition and priced very aggressively you are probably doomed to fail. If you don't have to sell right now, don't!

If you're a buyer, the news just keeps getting better!  Enjoy!