Prince William County, VA Market Report – 11/13/12

13 Nov
November 13, 2012

The real estate market in Eastern Prince William County continues to be leaning towards a “Seller’s Market”.

If you compare home sales in Lake Ridge in September 2011 to home sales in September 2012:

  • The number of available homes for buyers to purchase is down 32.87%
  • New listings on the market in Sept. is down 10.59%
  • Homes under contract is up 11.11%
  • The median sold price is up almost 20%

Now does this mean your home is worth 20% more this year than last year?  Unfortunately, no.  What that statistic tell us is that more single family homes are selling.  See detached units sold below:

November

2012

2011

+/-

New Listings

76

85

-32.87%

Closed Sales

60

51

17.65%

New Pending Sales

66

69

-4.35%

Median Sales Price

$287,450

$240,000

19.77%

Avg SP to OLP Ratio

98.1%

96.1%

2.04

Days on Market until sale

34

42

-19.05%

Detached Units Sold

30

18

66.67%

Attached Units Sold

30

33

-9.09%

Sold Dollar Volume
Avg. Sold Price
Avg. List Price for Solds

$301,489

$271,278

11.14%

Ratio of Avg SP to Avg OLP

97.6%

95.7%

2.02%

Attached Avg Sold Price

$211,231

$200,491

5.36%

Detached Avg Sold Price

$384,176

$382,933

0.32%

Active Listings

145

216

-32.87%

New Under Contracts

20

18

11.11%

New Contingents

46

51

-9.80%

Total Pendings

143

150

-4.67%

As you can see there is now an equal number of detached (single family) and attached (townhouse/condo) homes sold in September. I call this a balanced ratio leading to “move up” purchases: Owners of smaller homes are selling and then purchasing larger homes.  Welcome back “Normal Market,” we’ve missed you!

Now is a great time to buy before prices rise even more, and they will.  It is also a good time to sell while inventory is low and you have less competition from other listings that will hit the spring market.

Market data and commentary provided by Mark Holyfield, Sales Manager at the Avery Hess, Realtors Lake Ridge Office

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