A normal market balance is considered six months of inventory. With 148 houses for sale and 36-40 selling per month, Bristow has less than a balanced supply. If this continues we can expect prices to continue rising in the near term.
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