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Everything about Culpeper 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 opur MRIS MLS, in all of Culpeper County, there are 802 residential properties on the market. Of those, 66 are under contract. The least expensive is $109,900 and the most expensive is 1,960,000. I cannot see or tell what the negotiated sales prices are until they close. Of these contracts, the average LIST price is $386,370, The original prices had been reduced by the time of contract an Avg of 6%. One the properties that are currently under contract, the average days on the market are 168.
For the sake of narrowing the data down I will focus on Culpeper town. 42 of the 66 contracts in the whole county are within the postal city of Culpeper. In town the Avg list price OF THE PROPERTIES THAT ARE UNDER CONTRACT is $307,100. They took on an Avg of 118 days to sell. (This does NOT include those properties that switched firms and had the price higher with the firm that they left.) 513 are AVAILABLE in the postal area of Culpeper.
Now of the SOLDS - 61 just in the last 3 months, the least expensive SOLD price was $90,000 and the 2nd highest SOLD for $430,000 but the 1 high number SOLD for $1,359,940. The Avg SOLD price is $292,584, it took an Avg of 146 days to sell, the FINAL list price VS. the ORIGINAL list price was 7.7% less. The seller paid on Avg $4,349 of the buyers closing costs.
Looking back to the same 3 months 1 year ago, 85 had sold, the average SOLD price was $361,842, and it took 104 days to sell, the FINAL list price was 3.28% less than the ORIGINAL list price. (Doesn't count lproperties that were re-listed ie. a seller changing agents and lowering the price at the same time.) The seller paid $5,654 of the buyers closing cost.
A comparison reveals a Average Sales Price reduction of $69,258 and it is taking on Avg of 42 days longer to sell. (The 69k drop could be less higher end homes not selling or selling for much less.) The best news is that inventories appear to be stable. Prices are lower but not crazy low. Those Averages vary depending on the high end sales - which are down. With mortgage rates low, payments are now more affordable than in the last several years which will in turn help more people afford homes that they could only dream of a few years ago. It is a GREAT time to BUY and not so bad to sell. Especially if you have owned your home for more than 5 years and have not re-mortgaged/tapped out your equity.
I am in the biz of making dreams come true. The above data is compiled using our private MRIS MLS system. This is one of my first blogs for Culpeper Times so if you have any questions or suggestions for future blogs e-mail me at myREALTORrichie@mris.com or call me 703-401-7980. JBR Inc. I am a licensed Realtor.
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