Posts Tagged ‘Prince William County’
Prince William County, VA Market Report –2/20/12
“The best thing about the future is that it comes one day at a time.” – Abraham Lincoln. Like the future, Prince William County’s real estate market is rebuilding one day at a time. All economic signs are pointing towards stable real estate conditions, allowing for both buyers and sellers to benefit.
While year over year numbers of an almost 1% decrease in average sold prices may not be an impressive figure to the common consumer, those of us working in the field every day know these numbers can be misleading.
Interview one of the many Avery-Hess Agents at the Lake Ridge office and most all will tell you that they are working with several qualified buyers, but that there are not enough quality homes on the market, which may be one of several factors included in the .75% decrease in average sales price of $273,551 to $271,558 and the 25% increase of days on market from 40 to 60.
Buyers that are patient can still take advantage of record low interest rates, and 2002 real estate pricing, however quality well priced homes are starting to experience multiple offers and bidding wars often well above asking prices. A wave of potential buyers that were forced to short sale their homes 2 years ago will become eligible to re-buy this year, and buyers should expect home prices, and interest rates to steadily rise as the summer buying season starts.
Seller’s that purchased pre or post boom, should start to see equity rebuild in their homes, allowing for regular re-sales. With potential buyers’ demand already weighing in on supply, we should start to see days on market decrease and the average sales price increasing.
| December 2011 | December 2010 | % Change | |
| Total Sales Volume | $118,127,919 | $134,860,559 | -12.41% |
| Avg. Sales Price | $271,558 | $273,551 | -0.73% |
| Avg. Days on Market | 60 | 40 | 25% |
| Units Sold | 435 | 493 | -11.76% |
| Under Contract | 214 | 250 | -14.4% |
| Active Listings | 1132 | 1383 | -18.15% |
| New Listings | 427 | 452 | -5.53% |
While December numbers are important, the holiday season tends to restrict progress in the market. The current trend and economic factors are allowing for an equilibrium real estate market, basically allowing for both buyers and sellers to benefit. Stay tuned, January and February’s numbers should continue to tell this story.
Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com
Prince William County, VA Market Report – 12/13/11
Prince William County homes sales are an interesting story to tell right now. If you ask sellers they will tell you that there is more activity on their listings than in previous months.
This activity has helped pending sales rise 15.63%. In contrast, less sellers entered the market, pushing inventories down 17.39%. If this trend continues, we could start to see a shift in the real estate landscape in Prince William.
Conversely, we are seeing buyers stepping into the market due to record low mortgage rates and affordable prices making homeownership more attractive than renting. These prospective buyers are being very cautious with their decision to purchase, not allowing themselves to rush into a contract. With low inventories we are hearing buyers say their home choices for quality inventory is low. Nice, well-maintained homes are going under contract quickly, hence the rise in sales contracts mentioned above.
| October | |||
| 2011 | 2010 | +/- | |
| New Listings | 575 | 696 | -17.39% |
| Closed Sales | 394 | 447 | -11.90% |
| New Pending Sales | 614 | 531 | 15.63% |
| Median Sales Price | 244,500 | 250,000 | -2.20% |
| Avg SP to OLP Ration | 96.40% | 97.50% | -1.15% |
| Days on Market until sale | 54 | 43 | 25.58% |
| Detached Units Sold | 230 | 253 | -9.09% |
| Attached Units Sold | 164 | 194 | -15.46% |
| Sold Dollar Volume | 108,521,653 | 121,836,156 | -10.93% |
| Avg. Sold Price | 275,436 | 272,564 | 1.05% |
| Avg. List Price for Solds | 278,412 | 275,875 | 0.92% |
| Ratio of Avg SP to Avg OLP | 95.60% | 96.80% | -1.18% |
| Attchd Avg Sold Price | 202,895 | 195,327 | 3.87% |
| Detached Avg Sold Price | 327,160 | 331,789 | -1.40% |
| Active Listings | 1409 | 1636 | -13.88% |
| New Under Contracts | 212 | 265 | -20.00% |
| New Contingents | 402 | 266 | 51.13% |
| Total Pendings | 1210 | 1413 | -14.37% |
Prices gave back some ground. The Median Sale Price decreased 2.20 percent to 250,000. Days on Market increased 25.58 percent to 54 days.
All in all, it’s a safe bet to say that a seller with a good condition, well maintained home can expect a well-priced house to sell in a reasonable amount of time. Purchasers know a good home and correctly priced home when they see it and are reacting quickly to get the home under contract.
If this trend continues the Prince William market is poised for a fantastic first Quarter 2012.
Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com
Prince William County, VA Market Report – 10/31/11
People talk about the national market like it’s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast.
That doesn’t mean national averages don’t have their place, but you don’t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011 let’s take a look at our local forecast.
| September | |||
| 2011 | 2010 | +/- | |
| New Listings | 624 | 715 | 6.85% |
| Closed Sales | 410 | 512 | -19.92% |
| New Pending Sales | 534 | 474 | 12.66% |
| Median Sales Price | 254,500 | 241,000 | 5.60% |
| Avg SP to OLP Ration | 97.00% | 97.90% | -0.89% |
| Days on Market until sale | 49 | 41 | 19.51% |
| Detached Units Sold | 233 | 283 | -17.67% |
| Attached Units Sold | 177 | 229 | -22.71% |
| Sold Dollar Volume | 115,309,884 | 141,819,118 | -18.69% |
| Avg. Sold Price | 281,244 | 276,990 | 1.54% |
| Avg. List Price for Solds | 285,857 | 280,642 | 1.86% |
| Ratio of Avg SP to Avg OLP | 96.10% | 96.70% | -0.56% |
| Attchd Avg Sold Price | 216,903 | 192,306 | 12.79% |
| Detached Avg Sold Price | 330,120 | 345,516 | -4.46% |
| Active Listings | 1536 | 1649 | -6.85% |
| New Under Contracts | 197 | 260 | -24.23% |
| New Contingents | 337 | 214 | 57.48% |
| Total Pendings | 1200 | 1453 | -17.41% |
New Listing in the Prince William County region decreased 6.85% to 715. Pending Sales were up 12.66% to 534. Inventory levels shrank 17.41% to 1200 units, a positive supply-side trend that should bring additional stability.
Prices were still soft. The Median Sale Price increased 5.60% to 254,500. Days on the Market increased 19.51% to 49 days.
A dash of uplifting economic news was overshadowed by debt clouds form the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in September, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed’s recent “Operation Twist” helped push mortgage rates to record lows- under 4.0 percent for the first time ever. Despite the cheap money, “jobs, Jobs, Jobs!” should still be the battle cry.
Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com
Prince William County, VA Market Report – 8/31/11
Market activity can vary from one property type or price range to the next.
For the 12-month period spanning July 2010 through July 2011, Pending Sales in Prince William County were down 20.49% from the same period a year prior.
Lets look at the Stats:
| JULY | |||
| 2011 | 2010 | +/- | |
| New Listings | 778 | 886 | -12.20% |
| Closed Sales | 558 | 575 | -3.00% |
| New Pending Sales | 599 | 513 | 16.80% |
| Median Sales Price | 260,000 | 251,000 | 3.59% |
| Avg SP to OLP Ration | 96.80% | 99.20% | -2.35% |
| Days on Market until sale | 47 | 39 | 20.51% |
| Detached Units Sold | 339 | 329 | 3.04% |
| Attached Units Sold | 219 | 246 | -10.98% |
| Sold Dollar Volume | 165,369,923 | 163,171,615 | 1.35% |
| Avg. Sold Price | 296,362 | 283,777 | 4.43% |
| Avg. List Price for Solds | 300,945 | 285,617 | 5.37% |
| Ratio of Avg SP to Avg OLP | 96.00% | 97.40% | -1.51% |
| Attchd Avg Sold Price | 207,017 | 204,433 | 1.26% |
| Detached Avg Sold Price | 354,081 | 343,103 | 3.20% |
| Active Listings | 1555 | 1595 | -2.51% |
| New Under Contracts | 216 | 303 | -28.71% |
| New Contingents | 383 | 210 | 82.38% |
| Total Pendings | 1343 | 1689 | -20.49% |
The overall Median Sales Price was up 3.59% to $260,000. Average Sold Prices increasing for both Attached and Detached Properties. Attached Properties sold price increased 1.26%, and Detached Properties sold price increase 3.20%.
New Listing inventory levels were down -12.20% from 2010 with only 778 new listings on the market last month. Total Active Listings currently is 1555 which is slightly down from 2010 with -2.51%.
Despite the numbers above the Prince William market is very steady. There are buyers entering the market daily.
Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com
Prince William County, VA Market Report – 12/30/10
Prince William is still growing and has become one of the richest counties in the United States. Currently, with adjacent Fairfax County mostly developed, the eye is on Prince William to provide new business space.
With the eastern part of the county located on the I-95 corridor it gives a straight commute to Washington, DC and with the western part of the county located close to the Dulles Airport, the county remains very popular for reasonably priced homes.
Home to one of the most beautiful new buildings in the area, The Hylton Center for Performing Arts has been likened to the Sydney Opera House.
Prince William was one of the hardest hit counties in the area when the market took the turn for the worse and although new listings and closed sales are down from last year, the median sales price is up which is very encouraging. Below is a snapshot of activity in our area for last month with a comparison to the year before.
November
| 2009 | 2010 | Change | |
| New Listing | 700 | 624 | -10.9% |
| Closed Sales | 667 | 428 | -35.8% |
| Pending Sales | 498 | 584 | +17.3% |
| Median Sales Price | $225,995 | $252,000 | +11.5% |
| Average Days on Market | 42 | 51 | +19.8% |
Market data and commentary provided by Steve Mayes, Managing Broker, Avery-Hess, Realtors.
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com
Bristow, VA Market Report – 5/27/10
Bristow still has just a four month supply of homes for sale. Six months worth of housing inventory is considered a balanced market by economists. This low level of inventory keeps pressure on prices in an upward direction.
Below you’ll find a report of the previous month’s housing market in Bristow, Virginia:
- Homes for sale: 172 (up from 157 last month and 148 in March, way under the 196 of one year ago)
- Homes sold: 40 (very stable over the past 14 months)
- Average sold price: $331,155 (up from $308,271 last month, and almost the same as $329,655 from one year ago)
- Average days on market: 28 (down from 56 in April and down from 71 days one year ago)
Bristow’s prices bottomed out around December 2008, moved up steadily during 2009 and have started to stabilize in the first four months of 2010. At under $350,000 and selling in about a month, houses in Bristow continue to offer good value for buyers which is why the number of transactions have been so stable. Bristow remains an affordable and in-demand place to live. With interest rates remaining in the high 4% to low 5% range, affordability is very high. Thus Bristow has a robust real estate market.
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
