Prince William County, VA Market Report – 7/24/12

24 Jul
July 24, 2012

As you can see by the statistics below, buyers are really getting squeezed on finding something to buy. We have a classic supply and demand situation. After years of excessive inventory and weak demand causing falling prices, we now have the reverse.

There are fewer houses to buy, so homes are selling faster, and prices are getting pushed up. And this causes buyers lose their ability to negotiate and make demands. Buyers begin to accept small deficiencies in the property that otherwise, they would not allow if there were more properties to choose from.

JUNE
2012 2011 +/-
New Listings 732 830 -11.81%
Closed Sales 617 559 10.38%
New Pending Sales 649 753 -13.81%
Median Sales Price 290,000 272,000 6.62%
Avg SP to OLP Ratio 97.9% 96.0% 1.95%
Days on Market until sale 43 49 -12.24%
Detached Units Sold 375 352 6.53%
Attached Units Sold 242 207 16.91%
Sold Dollar Volume 197,975,265 168,815,410 17.27%
Avg. Sold Price 320,868 301,995 6.25%
Avg. List Price for Solds 324,854 308,170 5.41%
Ratio of Avg SP to Avg OLP 97.2% 95.4% 1.86%
Attchd Avg Sold Price 211,793 208,930 1.37%
Detached Avg Sold Price 391,257 356,724 9.68%
Active Listings 1,218 1,476 -17.48%
New Under Contracts 227 294 -22.79%
New Contingents 422 459 -8.06%
Total Pendings 649 753 -13.81%

Looking for a bargain? Forget it. If a property is exposed to the marketplace it will sell for full market value, and then some. Depending on how you look at the stats, prices are up 6-17% and the trend is accelerating.

Is now a good time to buy? No one has a crystal ball, but the brave souls who bought in December 2010 when the market bottomed, and the press was full of doom and gloom about real estate, all look pretty smart now. Do you want to look smart in a couple of years? You know what to do!

Oh, by the way, the Shadow Inventory, not much of a shadow anymore. And besides, didn’t our parents tell us not to be afraid of our shadow?

Market data and commentary provided by Dave Hess, Executive Vice President, Avery-Hess, Realtors.

Search for homes in Prince William County, and all the DC Metro: www.averyhess.com

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