Brambleton Weekly Real Estate Update 8/31/09 to 9/6/09

Quick Summary

New Listings: 3 (-1)

Under Contract: 5 (+3)

Sold: 2 (-5)

(Change from previous week.)

Introduction

As of today 9/9/2009, there are 28 active listings (-3) in MLS and 21 homes (0) under contract in last 30 days. This gives us an absorption rate of 1.3 which is record low since I kept track.  

Here's the breakdown of the active listings:

18 New Constructions (-2) , 5 Traditional Resales (-1), 1 Foreclosure (-1) and 4 Short Sales (+1).

If I remove new constructions, absorption rate would be .59.  If means we don't even have 1 mo supply of homes in Brambleton.  

Click here to view all active listings via FranklyMLS.com. There's some non-Brambleton listings so just look at the subdivision.

Click here to view all homes under contract via FranklyMLS.com. There's some non-Brambleton listings so just look at the subdivision.

New

3 new listings came out during the period of 8/31/09 to 9/6/09. 

Condo

1. Centex Logan. $269,990. (New Construction)

2. Centex O'Hare. $324,990. (New Construction)

Townhouse

1. Beazer Chancery. $350,000. (Short Sale)*

Single Family

1. Winchester Homes Chelsea. $575,000. (Short Sale, Under Contract)**

*This home was listed on 9/7 so it technically belong in next week's update.

**I was told that there were over dozen offers for this property.  

Under Contract

According to MLS, 5 homes went under contract during 8/31/09 to 9/06/09.

Condo

1. Centex Logan. $269,900.  DOMM/DOMM: 15/15.

2. Centex O'Hare. $329,900.  DOMM/DOMP: 146/146.

Townhouse

1. Centex Middleton. $329,900. DOMM/DOMP: 9/9.

2. Beazer Chancery. $350,000. DOMM/DOMP: 8/8. (Short Sale)

Single Family

1. Centex Fulton. $525,000. DOMM/DOMP: 6/6. (Short Sale)

2. Winchester Homes Chelsea. $575,000. DOMM/DOMP: 4/4. (Short Sale)*

*This home under contract on 9/7 so it should belong in next week's update.

Sold

According to MLS, 2 homes settled this past week.  There were 2 other homes scheduled to close but not yet recorded as sold.

Format: Model. Address. Sold Price - Subsidy = Net Price. DOMM/DOMP.

Condo

1. Summerfield Sienna. 2481 ROCKROSE SQ #302. $175,000 - $0 = $175,000. DOMM/DOMP: 175/175. (Short Sale)

Single Family

1. Beazer Farnham. 42771 CONQUEST CIR. $568,000 - $0 = $568,000. DOMM/DOMP: 20/20.

Conclusion

Wow! We have an absorption rate of 1.3 which is the lowest level in  Brambleton since the start of this blog.  Inventory will remain low for foreseeable future.  There's talks that the banks will release more foreclosures in the coming weeks.  Hopefully this will help.  Investors are snatching up lower priced homes with cash these days.

If you're looking to buy a single family in Brambleton, there should be 2 new listings coming back on the market.  One is actually a relist and another would be a Centex Porter model with 3 full baths on the bedroom level.

I have this 2 BR condo in Fairfax, VA that I listed over the weekend.  Before I could blog about it, it went under contract.  It's a home that's being featured in HGTV Get It Sold show.  Here's the website for this condo.  If you're interested in investment properties, now is the time.  I have been listing a good number of short sales.  You have to be patient with short sales but it can be a big payoff.  Here's a list of short sales that I have listed recently.  Let me know if you're interested in any of these homes. 

If you have any questions concerning buying or selling in Brambleton or in Northern Virginia, feel free to email me or call me. If you are considering a short sale, you can visit my short sale blog VirginiaShortSaleExpert.com.

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.