People talk about the national market like it’s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast.
That doesn’t mean national averages don’t have their place, but you don’t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011 let’s take a look at our local forecast.
|New Pending Sales||534||474||12.66%|
|Median Sales Price||254,500||241,000||5.60%|
|Avg SP to OLP Ration||97.00%||97.90%||-0.89%|
|Days on Market until sale||49||41||19.51%|
|Detached Units Sold||233||283||-17.67%|
|Attached Units Sold||177||229||-22.71%|
|Sold Dollar Volume||115,309,884||141,819,118||-18.69%|
|Avg. Sold Price||281,244||276,990||1.54%|
|Avg. List Price for Solds||285,857||280,642||1.86%|
|Ratio of Avg SP to Avg OLP||96.10%||96.70%||-0.56%|
|Attchd Avg Sold Price||216,903||192,306||12.79%|
|Detached Avg Sold Price||330,120||345,516||-4.46%|
|New Under Contracts||197||260||-24.23%|
New Listing in the Prince William County region decreased 6.85% to 715. Pending Sales were up 12.66% to 534. Inventory levels shrank 17.41% to 1200 units, a positive supply-side trend that should bring additional stability.
Prices were still soft. The Median Sale Price increased 5.60% to 254,500. Days on the Market increased 19.51% to 49 days.
A dash of uplifting economic news was overshadowed by debt clouds form the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in September, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed’s recent “Operation Twist” helped push mortgage rates to record lows- under 4.0 percent for the first time ever. Despite the cheap money, “jobs, Jobs, Jobs!” should still be the battle cry.
Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com