Bristow’s current housing supply is now a little OVER a four month supply after being right at four months for a long time. Is this a change in the trend or just the time of year? Only time will tell. Remember that economists say a six-month inventory indicates a balanced market. This low level of inventory continues to keep an upward pressure on prices in the area. While Bristow’s prices have been rising slower during 2010 after a rapid rise starting in December 2008, the days on market has been getting a little longer as shown below.
Here are the statistics for the housing market in Bristow, Virginia:
- Homes for sale: 141 (compare to 150 in September and 155 one year ago)
- Homes sold: 31 (stable as compared to 32 in September and 48 one year ago)
- Average sold price: $345,848 (compared to $342,968 in September and $315,179 one year ago)
- Average days on market: 50 (compare to 59 in September and 28 days one year ago)
We are now six months past the expiration of homebuyer tax credits and we are in the midst of a lot of negative media attention about issues relating to foreclosures. Yet people are still buying homes. Folks want to have a say in the place that they live. For those who are not worried about their job, which is about 88% of the population around here, now would be a good time to take advantage of the low interest rates as they are showing signs of going up soon.
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