Prince William County, VA Market Report – 11/17/09

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

• New listings: 841
• Closed sales: 629
• Median sold price: $220,000
• Average days on market: 43

In comparison to last October, new listings have dropped over 35% and closed transactions have seen a decline by almost 35%.  Pending sales are also down by 18%.  However, the median sale price increased from $199,000 to $220,000 up almost 11%.  Also, the price that a property sold for as a percentage of list price increased from 93% to almost 100%.  We’re also seeing the amount of time it takes to sell a home decrease, as days on the market fell from 110 days to 60 days–a decrease of over 60%.  The total number of listings is about 1,200 single family homes, condos and town homes.  This number representing the housing inventory is down by about 75%.  Last year the number of listings in October was over 3,900 units.  Furthermore, year-to-date closed sales are down 3% and pending sales are up by almost 2%.  The average sale price year-to-date  is still down by almost 17% from $240,000 to $200,000, and listings in 2008 were at almost 1,5000 units while year-to-date 2009 has only 986.

This information is good news for the overall real estate market, but not so good news for buyers.  Prices are rising, inventory is decreasing, offers are being made over asking price, and the final sales price is about 100% of the list price on average. Personally, I feel this is a temporary peak in the market trend.  Granted our local unemployment rate is lower than the national average, but nonetheless unemployment rates are functions of the housing market.  In addition, government spending will cause interest rates to rise to head off inflation, further punching the housing market price level.

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 – 10/14/09

• Homes for sale: 172
• Closed sales: 40
• Average sale price:  $333,441
• Average days on market: 30

The statistics for Bristow really show a market that is stabilizing after two to three years of decline. The $333,441 average price is up a little over one percent from the previous month and up 8.8% from the same period one year ago. If you find yourself asking “Why?” The answer is supply and demand. Inventory is down 28% from one year ago and most of the people who were worried about their job security have had some kind of resolution. Now, participants in the market are benefiting from all of the risk takers that preceded them that helped stabilize the prices.

Congress is now discussing the prospect of extending and enhancing the federal home buyer tax credit, and talks promise to heat up an already warming market place.

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

Meet Our People – Stephane Czajkowski

At Avery-Hess, our people are our most important asset. Learn more about one of our best, Stephane Czajkowski from our Lake Ridge, Virginia Regional Office.

Meet Avery-Hess – Stephane Czajkowski, Lake Ridge, VA Regional Office from Amit Kulkarni on Vimeo.

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Bristow, VA Market Report – 9/17/09

The statistics below represent the market for Bristow, Virginia:

• New listings – 191
• Closed sales – 40
• Median Home Price – $327,301
• Average DOM – 31

A part of Prince William County, Bristow is also located just to the west and south of Manassas in Northern Virginia, with easy access to I-66. Over the past ten years, Bristow has seen its population almost double in size. In the month of August, there were 191 homes listed for sale, a decrease of 5.5% from the 202 that were listed in  July. 40 homes were sold in August, which is less than the 50 sales closed in July. However, we can attribute this decline in sales to the lack of inventory in lower-priced homes, which have been ideal for those looking to capitalize on the federal tax credit for first-time homebuyers. Still, the vast majority of the inventory in the Bristow market falls in under $400,000–the hottest price range in any DC Metro Area market.

Compared to the same period in 2008, the median home price for the area was down 3.3% to $327,301. On the other hand, the average days on the market plummeted from last year’s 107 to just 31 days in August 2009. Talk about a dramatic turnaround!

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

Prince William County, VA Market Report – 9/14/09

The August numbers are in from both the MRIS (Metropolitan Regional Information Systems) and the local MLS (Multiple Listings Service)—and the numbers for Prince William County, Virginia are truly unbelievable:

• New Listings – 878
• Pending Sales – 893
• Closed Sales – 916
• Average Sales Price – $230,000
• Average DOM – 52

Comparing August of 2008 to August 2009, there were 1,318 and 878 new listings, respectively—a decrease of 33%. Closed transactions also saw a drop from August 2008’s 916 units, falling 26% to 678 units this year. On the other hand, pending sales were almost identical—only declining a mere 5.5% from 945 in 2008 to 893 in August of 2009.  Plus, this August’s average median price of $230,000 topped the previous average of $220,000. In fact, on average properties sold for 99.1% of their original list price last month! The average days on the market (DOM) has also decreased by 52% from 109 days to just 52.  With numbers like these, there is no surprise that inventory has been greatly reduced.  In August 2008 the inventory for single family homes, condos, and town homes lingered at 4,683 units. August 2009 saw that number drop 74% to just1263 units.

I am starting to see more foreclosures hit the market, which in my opinion is the reason for the small decline in price. The number of buyers seeking houses seems to be growing, resulting in reduced DOM and sales at a higher percentage of the original listing prices. Demand is strong. The difference between the new listings, pending sales, and closed sales is due to the length of time required to close short sales. The active listings become skewed when a bank has not accepted or approved a short sale, showing the property as not for sale, but active in the MLS.

If you purchased a home more than five years ago and still have equity, this is a great time to list and upgrade. There is a great demand for starter homes and homes under $250,000—and you can get a lot of houses in the $350,000-500,000 range. Current market conditions in Prince William County only come around once every ten years. Resales with acreage and colonials with mature trees are all deeply discounted. As an added bonus interest rates are very low, which make this the perfect time to upgrade. Take advantage while you can!

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

Prince William County Market Report – 8/31/09

Here is a quick snapshot of the market wrap-up for Prince William County:

• 963 New Listings
• 710 Sales closed
• $213,000 Average sale price
• 59 DOM (Average Days on Market)

New listings have decreased almost 34% from last year at this time. Pending sales have increased 3.5%, Days on market have decreased 30% and inventory has decreased by 75%.

Total inventory on the market including town homes, condos and single family homes are 1370, whereas 2008 that number was almost 5000 units!

WHY?

Inventory has been decreasing due to the moratorium on foreclosures and the increased efforts to work out loans for current owners. Pending sales are up due to the fact that short sales are taking a lot of effort and time to get to closing, if even at all. None the less, they are tied up as pending. (Less than 23% of short sales actually get to closing.)

Many short sales fall out due to the fact the buyer does not like to wait for the extended times banks take to authorize the short sale. Many of the listings or inventory that show up active are waiting response from a bank and have multiple offers. Technically they are ACTIVE, but in reality they are not. Most homes that are price properly receive multiple offers. Be prepared to offer more than asking price on properties that show well.

I think in the coming months, failed short sales will be foreclosures and banks will start releasing the foreclosures and inventory may start to increase a little at first.

There are many buyers and pent up demand will gobble up the new inventory, unless the inventory amounts are huge.

Prince William Market Report compiled by Steve Mayes, Managing Broker, Avery-Hess, Realtors.

Search for homes in Prince William County: www.averyhess.com