Prince William County, VA Market Report – 12/13/11

13 Dec
December 13, 2011

Prince William County homes sales are an interesting story to tell right now.  If you ask sellers they will tell you that there is more activity on their listings than in previous months.

This activity has helped pending sales rise 15.63%.  In contrast, less sellers entered the market, pushing inventories down 17.39%.  If this trend continues, we could start to see a shift in the real estate landscape in Prince William.

Conversely, we are seeing buyers stepping into the market due to record low mortgage rates and affordable prices making homeownership more attractive than renting.   These prospective buyers are being very cautious with their decision to purchase, not allowing themselves to rush into a contract.  With low inventories we are hearing buyers say their home choices for quality inventory is low.  Nice, well-maintained homes are going under contract quickly, hence the rise in sales contracts mentioned above.

October
2011 2010 +/-
New Listings 575 696 -17.39%
Closed Sales 394 447 -11.90%
New Pending Sales 614 531 15.63%
Median Sales Price 244,500 250,000 -2.20%
Avg SP to OLP Ration 96.40% 97.50% -1.15%
Days on Market until sale 54 43 25.58%
Detached Units Sold 230 253 -9.09%
Attached Units Sold 164 194 -15.46%
Sold Dollar Volume 108,521,653 121,836,156 -10.93%
Avg. Sold Price 275,436 272,564 1.05%
Avg. List Price for Solds 278,412 275,875 0.92%
Ratio of Avg SP to Avg OLP 95.60% 96.80% -1.18%
Attchd Avg Sold Price 202,895 195,327 3.87%
Detached Avg Sold Price 327,160 331,789 -1.40%
Active Listings 1409 1636 -13.88%
New Under Contracts 212 265 -20.00%
New Contingents 402 266 51.13%
Total Pendings 1210 1413 -14.37%

Prices gave back some ground. The Median Sale Price decreased 2.20 percent to 250,000. Days on Market increased 25.58 percent to 54 days.

All in all, it’s a safe bet to say that a seller with a good condition, well maintained home can expect a well-priced house to sell in a reasonable amount of time.  Purchasers know a good home and correctly priced home when they see it and are reacting quickly to get the home under contract.

If this trend continues the Prince William market is poised for a fantastic first Quarter 2012.

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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