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!
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