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.
|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%|
|New Under Contracts||212||265||-20.00%|
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