Lorton VA Foreclosures For Sale - March 2014 Market Update

Lorton VA Real Estate - Foreclosures in Lorton VA continue to be in the single digits, but the location and sought after Fairfax County Public Schools continue to make these properties hot. Here's what the real estate market looked like for foreclosures vs traditional sales in March 2014.

Of the 29 homes that sold in Lorton in March, only two of them were foreclosures.  This is the same number that sold in February, and an increase from January where no foreclosures were sold in Lorton VA.

Foreclosures took longer to sell in March.  Take a look at the chart above and you'll see that bank owned foreclosures averaged 102 days on the market, almost twice as long as traditional sales which averaged 55 days.  The statistics also show that the average days on market increased from January for traditional resales, while days decreased just slightly for foreclosures.

 

Proving true that 'time is money' while foreclosures stayed on the market longer in March, they were also sold for less than their traditional counterparts.  Traditional resale homes averaged 96.2% of the original asking price, and foreclosures averaged 89.7%.

After taking a dive in December, inventory levels for homes in Lorton are starting to increase again, which is a typical pattern for the spring market and given the harsh winter that we had.  But while there are more homes for sale in Lorton, right now there aren't any active foreclosures for sale in Lorton!

Your Lorton VA Foreclosure Agent and Specialist

Median sales prices for homes in Lorton VA have increased for the past two consecutive months.  If you are in the market to buy a new home in Lorton VA, take a look at bank owned foreclosures in an attempt to get a better price.  These transactions are not like traditional resales, so make sure to contact me through my website or call me directly at 703-623-8759 for an agent working for you who has experience with these types of homes.

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