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