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