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.

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

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.

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

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:

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

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

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

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

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

• Homes for sale: 157 (up slightly from 148 last month, way under the 192 of one year ago)
• Homes sold: 39 (very stable over the past 12 months)
• Average sold price: $308,271 (down from $338,808, but up from $295,510 one year ago)
• Average days on market: 56 (has climbed from 21 days in January 2010 and 42 days in February, but still under the 65 days of one year ago)

Bristow’s prices bottomed out around December 2008, moved up steadily during 2009 and have started to stabilize in the first three months of 2010. At under $350,000 and selling in an average of 56 days, Bristow homes 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 5% range, rising consumer confidence, and inventory at such a low level, high buying activity is creating an upward drift in prices. 

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

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

• Homes for sale: 148 (largely unchanged from last month, way under the 206 of one year ago)
• Closed sales: 36 (largely unchanged over the past two months, up 20% from a year ago)
• Average sold price: $338,808 (up from $299,055 one year ago, and $16,000 from just last month)
• Average days on market: 42 (has climbed from 21 days in January 2010 due to snow storms, but still way under the 94 days of one year ago)

Bristow’s prices bottomed out around December 2008 and have moved up steadily since that time. At under $350,00 and selling in an average of 42 days, Bristow homes remain underpriced in this marketplace. Bristow remains an affordable and in-demand place to live. With interest rates remaining around 5%, consumer confidence rising, and inventory at such a low level, high buying activity is creating an upward drift in prices.

Keeping in mind the that normal market balance is six months worth of housing inventory, Bristow has a less than balanced supply with only 148 houses for sale while selling 36-40 units per month. If this continues we can expect prices to continue rising in the near term.

Since homes in Bristow in the past year are typically less ten years old, it’s a good place to buy a home and not have to worry about a lot of repairs, as long as the previous owner did their regular maintenance. If you’re unsure about a home, think about getting a home inspection to fully understand the systems of the house you’re buying. Also ask for a warranty so you can be protected from costly, unexpected repairs.

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

Here is a complete analysis of last month’s housing market in Bristow, Virginia:

• Homes for sale: 166 (up 8% from last month)
• Closed sales: 35 (up 9.4% from last month)
• Average sold price: $350,374 (up 13.4% from one year ago, and over 10% from just last month)
• Average days on market: 30 (virtually unchanged for the last three months)

Bristow’s prices have moved up rapidly from the low $300s, which was way underpriced, to the mid $300’s which is still underpriced, just not as ridiculously so. Bristow remains an affordable and in-demand place to live. The average sales price of $350,374 is way above 2008’s average, but still very affordable. Bristow hit its statistical price bottom in December 2008 and has risen slowly and steadily almost every month since then. A year ago it took 69 days for a house to sell, more than double last month’s 30 days. With interest rates remaining around 5%, consumer confidence rising, and inventory at such a low level, high buying activity is creating an upward drift in prices.

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

The following market report reflects the conditions in Prince William County, Virginia

• New listings: 635
• Closed sales: 542
• Average sold price: $209,000

December 2009 had 635 listings ,down 33% from 952 in 2008.  For the entire year in 2009, there were 11, 312 listings, down 33% from almost 17,00 from the previous year. Meanwhile, 542 homes closed in 2009, compared to almost 1,000 in 2008. A total of 8,654 homes closed in all of 2009.

The average home sale price in Prince William County was $209,000 in 2009, down 10% from 2008. In January 2009 the average days on the market was only 34 days, while for the year the average was 69 days on the market.

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

Here is a complete analysis of last month’s housing market in Bristow, Virginia:

• Homes for sale: 154 (virtually unchanged from last month)
• Closed sales: 32
• Average sold price: $317,677
• Average days on market: 26 (virtually unchanged from last month)

As home prices were in the low $300,000s last month and continuing to rise,  Bristow remains an affordable and in-demand place to live. The average sales price of $317,677 is still below 2008’s average, but has been slowly climbing since hitting its lowest point in December 2008. A year ago it took 76 days for a house to sell, a far cry from last month’s 26 days. Once again, interest rates are still low, consumer confidence is rising, and inventory is reduced, causing high buying activity in the $300,000 price range.

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