Bristow, VA Market Report – 2/7/11

07 Feb
February 7, 2011

After being under supplied for the past three years, Bristow’s current housing supply is now finally in balance. We have just about a seven-month supply, which is great news. Economists and “experts” say a six-month supply is just right.

Here are the statistics for the housing market in Bristow, Virginia:

  • Homes for sale: 145  (been in the 145-150 range for nine months, was 166 one year ago)
  • Homes sold: 21 (down from the mid 30s average all year)
  • Average sold price:  $294,218 (compared to $295,652 in November and a whopping $350,374 in the tax credit crazed market of one year ago)
  • Average days on market: 20 (that’s not a typo! compare to 55 in November and 30 days one year ago)

Average time on the market 20 days!! 20 days. And that is the average. Imagine the ones that sell fast, since 20 days is an average of the slow and the fast sales. These are not marketing times leading into a double dip. Other parts of the country may have their real estate issues as the media loves to blare, but real estate, like politics, is local.

So now let’s talk about the average sales price. The average sales price stats here would make you think prices are coming down. But what is actually happening is that many lower priced units are selling, which is pulling down the AVERAGE. If you think prices are really falling, go out and make some low offers and see how far you get…you’ll get terribly outbid by competing buyers. Yes, multiple offers are back in full force in all but the highest price ranges in Bristow.

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