Manassas, VA Market Report – 1/15/13

15 Jan
January 15, 2013

Now that we have avoided jumping off the Fiscal Cliff, the real estate market in Manassas City can continue to climb towards the record “peak” selling prices of 2005 & 2006 where the average sold price of a single family (detached) home was $468,000.

Have you notice all the new construction going on in our City?  New construction is so “HOT” the owners of Sunny Brook Golf Driving Range have started a subdivision on the left side of the range.  (If you hear someone yell “FORE”, you better duck and run for cover!)  You might ask, why is new construction important? The answer is, as new home prices increase so do resale prices. This has always been the trend so come on new construction!

In addition, there is a brand new apartment complex “The Courts at Historic Manassas” at the intersection of Dumfries Road and Prince William Street in close proximity to the Old Town VRE stop.  They will attract commuting professionals who may not be able to purchase just now but will in a year or so.  Just what we need to help prices continue to climb at a steady rate: a supply of new homes and renters who can afford them.

The chart below compares 20110 home sales in November 2011 to home sales in November 2012:

November 2012

2012

2011

+/-

New Listings

53

39

35.90%

Closed Sales

49

40

22.50%

New Under Contract

23

13

76.92%

Average Sales Price

$232,703

$192,387

20.96%

Avg SP to OLP Ratio

97.3%

98.3%

-1.09%

Days on Market Until Contract

35

45

-22.22%

Detached Units Sold

20

12

66.67%

Attached Units Sold

29

28

3.57%

Avg. List Price for Solds

$235,606

$194,455

21.16%

Attached Avg Sold Price

$182,842

$142,553

28.26%

Detached Avg Sold Price

$305,002

$308,667

-1.19%

Active Listings

70

74

-5.41%

As you can see, townhomes and condos are selling for much more this year than last.  Single family/detached homes will follow suit as builders increase their Inventory.  The number of available homes is at a 5 year low, interest rates remain at historic lows, demand is high and 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 start to rise.  For professional real estate service, do not hesitate to call the Realtors at Avery-Hess.  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 at the Avery Hess, Realtors Lake Ridge Office

 

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