Prince William County, VA Market Report – 10/31/11

31 Oct
October 31, 2011

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.

September
2011 2010 +/-
New Listings 624 715 6.85%
Closed Sales 410 512 -19.92%
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%
Active Listings 1536 1649 -6.85%
New Under Contracts 197 260 -24.23%
New Contingents 337 214 57.48%
Total Pendings 1200 1453 -17.41%

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

 

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