Bristow, VA Market Report –12/7/12

07 Dec
December 7, 2012

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

Compare Bristow home sales in October 2011 to home sales in October 2012:

  • The number of available homes for buyers to purchase (active listings) is down 39.56%
  • New listings on the market is down 13.04%
  • Homes under contract is up 17.65%
  • The average sold price for single family homes is up 6.84 %
  • The average sold price for town homes is up 12.45 %

Now does this mean your home is worth more this year than last year?  Yes, if your home is in good condition inside and out, especially kitchen and bathrooms.  The chart below refers to “averages,” if your home is in better shape with loads of upgrades it will sell for more.

October

2012

2011

+/-

New Listings

40

46

-13.04%

Closed Sales

42

26

61.54%

New Under Contract

20

17

17.65%

Average Sales Price

$353,802

$335,758

5.37%

Avg SP to OLP Ratio

98.7%

96.2%

2.56%

Days on Market Until Contract

39

43

-9.30%

Detached Units Sold

24

17

41.18%

Attached Units Sold

18

9

100%

Avg. List Price for Solds

$356,381

$337,104

5.72%

Attached Avg Sold Price

$285,498

$253,889

12.45%

Detached Avg Sold Price

$405,030

$379,100

6.84%

Total Active Listings

55

91

-39.56%

As you can see in October there were only 55 available homes for sale in Bristow compared to 91 last year at this time.  Inventory of available homes is at a 7 year low, interest rates remain at historic lows.  Demand is high, supplies are low. Welcome back “Sellers Market” we 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 and move-up to a larger home before those prices rise again.  For professional real estate service, do not hesitate to call the Realtors at AveryHess.  Our phones are always on!  703-492-6500

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Mark Holyfield, Sales Manager ,Avery Hess, Realtors, Lake Ridge Regional Office

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