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.
|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%|
|New Under Contracts||227||294||-22.79%|
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