Mark Murad

INTRODUCTION

As of today, September 15 , 2008, there are 62 active listings in MLS and 20 homes that went under contract in the past 30 days. This gives us a current absorption rate of 3.1, which is higher than last week's rate of 3.0. The number of distressed sales out of the total actives and the breakdown is as follows:

Short Sale Condos: 0

Short Sale Town Homes: 8

Short sale Detached Homes: 6 T

otal Short Sales: 14

Percent of Short Sales: 22.6%

Bank Owned Condos: 1

Bank Owned Town Homes: 7

Bank Owned Detached Homes: 2

Total Bank Owned: 10

Percent of Bank Owned: 16.1%

Total Distressed Sales: 24

Percent of Total Distressed Sales: 38.7%

NEW LISTINGS

According to MLS, there were 4 new listings during the period of 9/8/2008-9/15/2008, 3 more than last week, 1 is a distressed sale:

Condos (town home style)

25334 SHIPLEY TER, $255,000 DOMP: 5 (bank owned)

Detached Homes
26187 LANDS END DR, $419,900 DOMP: 3

25540 UPPER CLUBHOUSE DR, $479,974 DOMP: 7

25681 TREMAINE TER, List Price: $559,900 DOMP: 3

Contact me if you would like additional information on any of these South Riding homes.

UNDER CONTRACT

According to MLS, there were 3 homes which went under contract during this period, 6 less than the previous week which was very busy with 9 contracts.

Town Homes
42792 CEDAR HEDGE ST, List Price: $329,900 DOMP: 29 (short sale)
42943 SHELBOURNE SQ, List Price: $349,500 DOMP: 64 (short sale)

Detached Homes

26078 SARAZEN DR, List Price: $549,900 DOMP: 106

This is 2 less than the amount of distressed sales in the previous week. The average days on the market for the 3 homes was 66.3 days which is about 2.2 months to receive an offer. This less than our current absorption rate for South Riding 3.1, mentioned in the introduction.

SOLD

According to MLS, there was 1 home sold and went to record the period of 9/8/2008-9/15/2008. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.

Town Homes Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP 25256 MCINTYRE SQ, $375,500, $372,000 - $0 = $372,000, 99.1%, 324/324

Average Net % of asking price 99.1%

Average DOMM/DOMP 324/324

Detached Homes

Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP

No detached resale homes sold and went to record last week.

SUMMARY
With 4 new listings coming on to the market this past week our current inventory in South Riding is 62 active listings even though this is more than last week this is stil lone of the lowest amount of inventories in South Riding since I have started by Weekly Updates. The home which went to record netted over 99% of the asking price did not pay any closing cost but was on the market for almost 11 months. DAR has updated their Market Statistics for Loudoun County for August 2008. August sold more homes in Loudoun County than July however the average price dropped. Additionally there was less inventory in Loudoun County in August than in July. South Riding saw a lower sold price, 2 fewer sales and a 3 day longer DOMP in August versus July. CMA for South Riding July CMA for South Riding August

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.

INTRODUCTION
As of September 8, 2008, there are 22 active listings in MLS and 7 homes that went under contract in the past 30 days. This gives us a current absorption rate of 3.1 which is lower than last week's rate of 5.0. Of the 22 active listings, 11 are new homes from the builder(3 condos, 4 town homes, and 4 detached homes), 8 are traditional sales the remainder are distressed sales which break down as follows:

Short Sale Condos: 1
Short Sale Town Homes: 1
Short sale Detached Homes:
Total Short Sales: 2
Percent of Short Sales: 9.1%


Bank Owned Condos: 1
Bank Owned Town Homes: 0
Bank Owned Detached Homes: 0
Total Bank Owned: 1
Percent of Bank Owned: 4.5%

Total Non-Traditional Sales: 3
Percent of Total Non-Traditional Sales: 13.6%

NEW LISTINGS
According to MLS, there are no new listings new to the market this week, 2 less than last week.



UNDER CONTRACT
According to MLS, there are 2 homes which went under contract during this period, 2 more than the amount as last week. Keep in mind not all contracts written for new home sales from the builder are reported to MLS.

Town Homes
Beazer - Chadwicke, 24645 KINGS CANYON List Price: $424,900 DOMP: 25

Detached
Centex - Spencer, 42045 BEAR TOOTH DR, List Price: $495,000 DOMP: 21 (short sale)

This is 1 more distressed sale as the previous week. The average days on the market for the 2 homes was 23 days which is less than 1 month to receive an offer. This less than our current absorption rate of 3.1 for Stone Ridge, mentioned in the introduction.




SOLD
According to MLS, there was no homes sold and went to record the period of 9/01/08 to 9/08/08 . Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Additionally not all new home sales from the builder are reported to MLS.



SUMMARY This past week there was little more activity in the Stone Ridge Real Estate Market. Although no new inventory came on the market there were 2 homes receiving contracts. Both of which received contracts in less than 1 month, when homes are being priced properly whether traditional sale or distressed sale buyers tend to make a quick decision. We have not had any homes go to record for the past few weeks, but with some homes receiving contracts we should start to see some sold data in the upcoming weeks. It is important to keep in mind not all the new home sales from the builder are reported to the mls so there are homes selling in Stone Ridge. Yesterday Fannie Mae and Freddie Mac were bailed out by the Federal Government, this article on cnn.com predicts rates will lower, however higher standards may occur from the "bail out" . I have received information from lender already rates are lower as of today to 5.875% contact me if you would like additional information on this and need to speak with a lender.

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.

INTRODUCTION

As of today, September 8 , 2008, there are 59 active listings in MLS and 20 homes that went under contract in the past 30 days. This gives us a current absorption rate of 3.0, which is lower than last week's rate of 4.1. The number of distressed sales out of the total actives and the breakdown is as follows:

Short Sale Town Homes: 7
Short sale Detached Homes: 5
Total Short Sales: 12
Percent of Short Sales: 20.3%

Bank Owned Town Homes: 8
Bank Owned Detached Homes: 2
Total Bank Owned: 10
Percent of Bank Owned: 16.9%

Total Distressed Sales: 20
Percent of Total Distressed Sales: 33.9%

NEW LISTINGS

According to MLS, there were 1 new listing during the period of 9/1/2008-9/8/2008, 2 less than last week, it looks like it is a bank owned relocation property for sale:

Town Homes
25244 DUNVEGAN SQ, CHANTILLY, List Price: $375,000 DOMP: 5

Contact me if you would like additional information on this South Riding home.




UNDER CONTRACT

According to MLS, last week has been our busiest weeks for receiving contracts since the last week of June, there were 9 homes which went under contract during this period, 2 more than the previous week.

Town Homes

25330 WHIPPOORWILL TER, $319,000 DOMP: 81 (short sale)
25810 KIRKWOOD SQ, CHANTILLY, $325,000 DOMP: 10 (foreclosure)
43509 JUBILEE ST, CHANTILLY, $349,750 DOMP: 132
25256 MCINTYRE SQ, CHANTILLY, $375,500 DOMP: 324
42716 ROLLING ROCK SQ, CHANTILLY, $399,900 DOMP: 10

Detached Homes
43443 KATLING SQ, $439,999 DOMP: 154
25905 RICKMANSWORTH LN, $549,900 DOMP: 110
42606 PELICAN DR, CHANTILLY, $585,000 DOMP: 17 (foreclosure)
43046 DOWNFIELD ST, $650,000 DOMP: 276 (short sale)

This is 2 more than the amount of distressed sales in the previous week. The average days on the market for the 9 homes was 123.8 days which is about 4.1 months to receive an offer. This more than our current absorption rate for South Riding 3.0, mentioned in the introduction.


SOLD

According to MLS, there was 1 home sold and went to record the period of 9/1/2008-9/8/2008. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.

Town Homes
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP

43013 EUSTIS ST, $309,900, $309,900 - $5,000 = $304,900, 98.4% 6/6

Average Net % of asking price 98.4%
Average DOMM/DOMP 6/6

Detached Homes
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP

No detached homes sold and went to record last week.


SUMMARY

An other busy week of receiving contracts, that with only 1 new listing coming on to the market this past week our current inventory in South Riding is 59 active listings this is by far the lowest amount of inventories since I have started by Weekly Updates. The home which went to record went for full price and only $5,000 n closing cost netting the seller over 98% of the asking price as well as being on the market less than 1week! As the inventory levels continue to decrease I predict properly priced homes will continue to sell quickly and net close to 100% of the asking price. Yesterday Fannie Mae and Freddie Mac were bailed out by the Federal Government, this article on cnn.com predicts rates will lower, however higher standards may occur from the "bail out" . I have received information from lender already rates are lower as of today to 5.875% contact me if you would like additional information on this and need to speak with a lender.

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.

Happy Labor Day! I hope you are enjoying the long weekend. INTRODUCTIONAs of September 1, 2008, there are 25 active listings in MLS and 5 homes that went under contract in the past 30 days. This gives us a current absorption rate of 5.0 which is lower than last week's rate of 11.5. Of the 25 active listings, 11 are new homes from the builder(3 condos, 4 town homes, and 4 detached homes), 9 are traditional sales the remainder are distressed sales which break down as follows:

Short Sale Condos: 1
Short Sale Town Homes: 1
Short sale Detached Homes: 1
Total Short Sales: 3
Percent of Short Sales: 12%

Bank Owned Condos: 0
Bank Owned Town Homes: 2 (1 looks like a relocation not a foreclosure but still not a traditional sale)
Bank Owned Detached Homes: 0
Total Bank Owned: 2
Percent of Bank Owned: 8%

Total Non-Traditional Sales: 4
Percent of Total Non-Traditional Sales: 20%


NEW LISTINGSAccording to MLS, there are 2 homes which are new on the market this week, 1 more than last week. Niether one is a distressed sale.

Town Homes
Centex - Fairview 24696 GEYSER PEAKS SQ, List Price: $389,900 DOMP: 0
Van Metre - Erickson 25121 SILURIAN TER, List Price: $401,990* DOMP: 6
* this is the base price of a new model town home from Van Metre

Contact me if you would like additional information on any of these Stone Ridge homes.

UNDER CONTRACTAccording to MLS, there are no homes which went under contract during this period, 2 less than the amount as last week. Keep in mind not all contracts written for new home sales from the builder are reported to MLS.


SOLDAccording to MLS, there was no homes sold and went to record the period of 8/25/08 to 9/01/08. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter. Additionally not all new home sales from the builder are reported toMLS>

SUMMARY This past week there was very little activity in the Stone Ridge Real Estate Market. It is not surprising since it was the last week of Summer prior to the kids going back to school, many people may have been trying to squeeze in a last minute family vacation. With the end of the Summer selling season now upon us, I predict a slowing down in real estate activity, causing more inventory and a higher weekly absorption rate. Once again I would like to wish everyone a Happy Labor Day, and remember to be extra alert driving starting tomorrow as the kids will be going back to school.

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.

Happy Labor Day! I hope you are enjoying the long weekend.

INTRODUCTION
As of today, September 1 , 2008, there are 71 active listings in MLS and 17 homes that went under contract in the past 30 days. This gives us a current absorption rate of 4.1, which is lower than last week's rate of 5.1. The number of distressed sales out of the total actives and the breakdown is as follows:

Short Sale Town Homes: 10
Short sale Detached Homes: 8
Total Short Sales: 18
Percent of Short Sales: 25.4%

Bank Owned Town Homes: 8
Bank Owned Detached Homes: 2
Total Bank Owned: 8
Percent of Bank Owned: 14.1%

Total Distressed Sales: 28
Percent of Total Distressed Sales: 39.4%




NEW LISTINGS
According to MLS, there were 5 new listings during the period of 8/25/08 to 9/01/08, 1 more than last week, 3 are distressed sales:

Town Homes
42815 PILGRIM SQ, $269,500 (foreclosure)
25810 KIRKWOOD SQ, $325,000 (foreclosure) (Already has offer waiting contract ratification)
25211 DUNVEGAN SQ, $389,950 (short sale)


Detached Homes
25608 CREEK RUN TER, $580,000
25229 RIDING CENTER DR, $599,900

Contact me if you would like additional information on any of these South Riding homes.




UNDER CONTRACT
According to MLS, there were 7 homes which went under contract during this period, 2 more than the previous week.

Town Homes
25545 GWYNNETH SQ, $320,000 DOMP: 179 (short sale)
26090 LANDS END DR, $349,900 DOMP: 13
25455 CARBERRY DR, $362,000 DOMP: 40
43547 MINK MEADOWS ST, $389,900 DOMP: 12

Detached Homes
43443 KATLING SQ, CHANTILLY, $439,999 DOMP: 154
25289 TALENT ST, CHANTILLY, $499,900 DOMP: 5 (foreclosure)
25827 PRIESTERS POND DR, $618,900 DOMP: 23

This is the same amount of distressed sales as the previous week. The average days on the market for the 7 homes was 61 days which is about 2 months to receive an offer. This less than our current absorption rate for South Riding of 4.1, mentioned in the introduction.




SOLD
According to MLS, there were 5 homes sold and went to record the period of 8/25/08 to 9/01/08. Sometimes closings get delayed or the listing agent forgets to update the status in a timely matter.

Town Homes
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP
43066 EUSTIS ST, $349,900, $325,000 - $0 = $325,000, 92.9%, 10/101
43454 INTERVAL ST, $349,900, $335,000 - $0 = $335,000, 95.7%, 11/11
25844 NORRINGTON SQ, $418,250, $380,000 - $0 = $380,00, 90.9%, 151/151 (short sale)

Average Net % of asking price 93.17%
Average DOMM/DOMP 57.3/87.7

Detached Homes
Address, List Price, Sold Price - Seller Subsidy = Net Sold Price, % of asking price, DOMM/DOMP
26228 LANDS END DR, $475,000, $450,000 - $7,000 = $443,000, 93.3%, 107/107
43084 HALLMARK ST, $553,000, $526,000 - $10,000 = $516,000, 93.3% 210/210 (short sale)

Average Net % of asking price 93.3%
Average DOMM/DOMP 158.5/158.5




SUMMARY
Last week was busier than I expected, I would have thought with it being the last week before school started people would be looking to get in a final summer vacation. This past week we saw 2 more homes receive a contract than new listings coming on to the market . With that said the current inventory in South Riding is 71 active listings this is 5 fewer than the previous week, this is the lowest amount of inventories since I have started by Weekly Updates. 4 of the 7 homes receiving contracts this last week did so in less than 1 month. As for homes which sold, 3 out of the 5 did not have the seller pay any closing costs, however with the average net selling prices ((Close Price - Seller Subsidy) / List Price) were some of the lowest this summer. As the summer selling season comes to an end I predict Days on Market to Increase, a higher weekly absorption rate, and inventories to slightly increase. Once again I would like to wish everyone a Happy Labor Day, and remember to be extra alert driving starting tomorrow as the kids will be going back to school.





Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.