“The best thing about the future is that it comes one day at a time.” – Abraham Lincoln. Like the future, Prince William County’s real estate market is rebuilding one day at a time. All economic signs are pointing towards stable real estate conditions, allowing for both buyers and sellers to benefit.
While year over year numbers of an almost 1% decrease in average sold prices may not be an impressive figure to the common consumer, those of us working in the field every day know these numbers can be misleading.
Interview one of the many Avery-Hess Agents at the Lake Ridge office and most all will tell you that they are working with several qualified buyers, but that there are not enough quality homes on the market, which may be one of several factors included in the .75% decrease in average sales price of $273,551 to $271,558 and the 25% increase of days on market from 40 to 60.
Buyers that are patient can still take advantage of record low interest rates, and 2002 real estate pricing, however quality well priced homes are starting to experience multiple offers and bidding wars often well above asking prices. A wave of potential buyers that were forced to short sale their homes 2 years ago will become eligible to re-buy this year, and buyers should expect home prices, and interest rates to steadily rise as the summer buying season starts.
Seller’s that purchased pre or post boom, should start to see equity rebuild in their homes, allowing for regular re-sales. With potential buyers’ demand already weighing in on supply, we should start to see days on market decrease and the average sales price increasing.
|December 2011||December 2010||% Change|
|Total Sales Volume||$118,127,919||$134,860,559||-12.41%|
|Avg. Sales Price||$271,558||$273,551||-0.73%|
|Avg. Days on Market||60||40||25%|
While December numbers are important, the holiday season tends to restrict progress in the market. The current trend and economic factors are allowing for an equilibrium real estate market, basically allowing for both buyers and sellers to benefit. Stay tuned, January and February’s numbers should continue to tell this story.
Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.
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