Bristow, VA Market Report – 1/30/12

The Northern Virginia market is currently experiencing the lowest inventory levels we’ve seen in the past 5 years.  Prince William County and the Bristow market are also seeing low inventory levels.

When analyzing the statistics, the data shows that Prince William County’s total sales volume has remained steady year after year, the Bristow market has seen a gain of 67%.  The Prince William County market experienced a peak in volume in July, 2011, then showed a steady decline through October, and has shown a rapid recovery this past November and December.  In Bristow, all indications show that January, 2012 will mirror this trend.

Let’s look at the Stats:

With interest rates at an all time low, home prices remaining steady, and inventory at a 5 year low, now is the time to make that decision to sell or buy.  If you are considering selling and moving up, now is the time.

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Regional Office

Bristow, VA Market Report – 8/24/11

Wow, what’s going on in Bristow?  Coupled with Gainesville ,they are Prince William County’s hot spots!

Sales volume is up 26% year over year.  While much of our area saw a decline, and Prince William County overall only showed slightly over 1%.  Foreclosures are down over 55% from last year.  The strong growth is driven by the number of newer homes on the market as well as reasonably priced new construction.

With interest rates at an absolute all time low now is the time to make that decision to sell or buy.  If you are considering selling and moving up to a new home, the builders are making deals and offering incentives.  While resales are up, new construction sales are down, builders are ready to put you in that new home now.  Further, with the average days on the market down to less than half of Prince William County, now is the time!

Market data, commentary, and statistics proved by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Area Office, Centreville, VA.

Bristow, VA Market Report – 4/14/11

Despite the ongoing news about rising interest rates, more foreclosures properties entering the market, and no buyers, Northern Virginia continues to sustain a steady growth in most markets.

The Bristow community however is bucking this trend for the 1^st quarter of 2011.

Market Statistics for Bristow:

The bright side is that the number of properties under contract for the month has increased over 2010, which indicates that the number of sold properties will show an increase for the month of April.  March of 2010 had fewer listings, contained a larger number of foreclosures and short sales, and was driven largely by the first time buyer tax credit, particularly is the under $400,000 price range.

Market data, commentary, and statistics proved by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Area Office, Centreville, VA.

Bristow, VA Market Report – 2/7/11

After being under supplied for the past three years, Bristow’s current housing supply is now finally in balance. We have just about a seven-month supply, which is great news. Economists and “experts” say a six-month supply is just right.

Here are the statistics for the housing market in Bristow, Virginia:

• Homes for sale: 145  (been in the 145-150 range for nine months, was 166 one year ago)
• Homes sold: 21 (down from the mid 30s average all year)
• Average sold price:  $294,218 (compared to $295,652 in November and a whopping $350,374 in the tax credit crazed market of one year ago)
• Average days on market: 20 (that’s not a typo! compare to 55 in November and 30 days one year ago)

Average time on the market 20 days!! 20 days. And that is the average. Imagine the ones that sell fast, since 20 days is an average of the slow and the fast sales. These are not marketing times leading into a double dip. Other parts of the country may have their real estate issues as the media loves to blare, but real estate, like politics, is local.

So now let’s talk about the average sales price. The average sales price stats here would make you think prices are coming down. But what is actually happening is that many lower priced units are selling, which is pulling down the AVERAGE. If you think prices are really falling, go out and make some low offers and see how far you get…you’ll get terribly outbid by competing buyers. Yes, multiple offers are back in full force in all but the highest price ranges in Bristow.

Bristow, VA Market Report – 11/22/10

Bristow’s current housing supply is now a little OVER a four month supply after being right at four months for a long time. Is this a change in the trend or just the time of year? Only time will tell. Remember that economists say a six-month inventory indicates a balanced market.  This low level of inventory continues to keep an upward pressure on prices in the area. While Bristow’s prices have been rising slower during 2010 after a rapid rise starting in December 2008, the days on market has been getting a little longer as shown below.

Here are the statistics for the housing market in Bristow, Virginia:

• Homes for sale: 141  (compare to 150 in September and 155 one year ago)
• Homes sold: 31 (stable as compared to 32 in September and 48 one year ago)
• Average sold price:  $345,848 (compared to $342,968 in September and $315,179 one year ago)
• Average days on market: 50 (compare to 59 in September and 28 days one year ago)

We are now six months past the expiration of homebuyer tax credits and we are in the midst of a lot of negative media attention about issues relating to foreclosures. Yet people are still buying homes. Folks want to have a say in the place that they live. For those who are not worried about their job, which is about 88% of the population around here, now would be a good time to take advantage of the low interest rates as they are showing signs of going up soon.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Bristow, and all of the DC Metro: www.averyhess.com

Bristow, VA Market Report – 8/26/10

Bristow’s current housing supply is down to four month’s worth of inventory. Typically economists say that a six-month inventory indicates a balanced market.  This low level of inventory is keeping upward pressure on prices in the area. However, overall Bristow has been a very stable market during 2010 after a rapid rise starting in December 2008.

Below you’ll find a report of the previous month’s housing market in Bristow, Virginia:

• Homes for sale: 172  (compare to 173 in June and 202 one year ago)
• Homes sold: 43 (stable as compared to 36 last month and 50 one year ago)
• Average sold price:  $333,981 (compared to $337,901 in June and $298,935 one year ago)
• Average days on market: 27 (compared to 34 in June and 35 days one year  ago)

Everyone is still waiting to see what the housing market will do now that the two years of government stimulation has ended. My prediction for the market is that we will soon be seeing stable prices. People are buying real estate to live in, not to speculate on. This is healthy for everyone.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Bristow, and all of the DC Metro: www.averyhess.com