Our Northern Virginia market continues to show a steady increase in the average sale price.
Bristow mirrors the image of Prince William County showing slight increases in average sales price as well as days on the market.
Prince William lags behind nearby Fairfax County due to the huge number of foreclosures in 2010.
Let’s look at the Stats:
52 Sales for May 2011
(Down 22% from 65 Sales in May, 2010)
86 Listings for May, 2011
(Up 10% from 78 Listings in May, 2010)
Average sales price for May, 2011 was $328,336
(Up 1.4% $323,811 in May 2010)
Average days on the market listing to contract for May, 2011 was 46
(Up 70% from 27 in May of 2010)
With the proposed reduction in conforming loan limits for our Northern Virginia market from $729,750 to $625,000, if you are considering purchasing or “moving up”, now is the time. Pick a reputable, well known and well capitalized company, interview at least 2 qualified agents, and move forward.
If you’re purchasing, interests rates are still at all time lows. If you’re selling, join the market while there is still limited inventory and while the interest rates are still attracting buyers.
Market data, commentary, and statistics proved by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Area Office, Centreville, VA.