Bristow’s current housing supply is still at four month’s worth of inventory. Typically economists say that a six-month inventory indicates a balanced market. This low level of inventory is keeping upward pressure on prices in the area. While Bristow’s prices have been rising slowly during 2010 after a rapid rise starting in December 2008, the big jump in days on market shown below may indicate a change coming.
Here are the statistics for the housing market in Bristow, Virginia:
- Homes for sale: 151 (compare to 172 in July and 191 one year ago)
- Homes sold: 43 (stable as compared to 43 in July and 40 one year ago)
- Average sold price: $349,778 (compared to $333,981 in July and $329,371 one year ago)
- Average days on market: 57 (compared to 27 in July and 31 days one year ago)
Everyone is still waiting to see what the housing market will do now that the two years of government stimulation has ended. My prediction for the market is that we will soon be seeing stable prices. People are buying real estate to live in, not to speculate on. This is healthy for everyone. No more government intrusion into the marketplace please!
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