Ready or not, kids are back in school, hurricane season is here and COOLER weather is just around the corner.
Fortunately, the real estate market in Prince William County (PWC) is still HOT, HOT, HOT! Compare the stats from July 2011 to July 2012 and you can see that active listing inventory is down 24%, under contracts are up 17% and average days on market (list date to contract date) is down 8.5% leading to a median sold price 6.54 % higher than last year.
Why you ask? The DC Metro area has the best job market in the country and interest rates are still at historic lows which equals more buying power. Inventory in PWC is at a seven year low and buyers are competing for listings with multiple offers. You may ask, “then how come prices are not back to 2006 levels?” and the answer is: Short sales. Short sales are a large part of the available inventory and they typically sell for less than normal sales therefore curtailing large price increases for the area.
As a seller, now is a great time to sell especially if you are also planning to re-purchase closer to work or in a different school district. As a buyer, it is also a great time to purchase before prices increase even more next year.
August stats, when they come out later this month, should show a slight slowdown which is typical due to the start of college and “last chance” family vacations. September should fire back up, run hot to the holidays and the forecast for 2013 should be another “HOT” year for real estate in PWC.
Market data and commentary provided by Mark Holyfield, Sales Manager at the Avery Hess, Realtors Lake Ridge Office
Search for homes in Prince William County, and all the DC Metro: www.averyhess.com