Gainesville, VA Market Report – 2/18/13

18 Feb
February 18, 2013

Did you know? VDOT is spending 267 million on the Rt. 29 and Linton Hall Road Interchange.  The estimated completion date is June 2015 and you can watch a video of the finished product at http://www.virginiadot.org/projects/resources/NorthernVirginia/Linton_Hall_800.mpg

Even with the road construction and traffic delays, demand for housing in Gainesville is on the rise!  New construction is so “HOT” developers are standing in line at the county offices trying to obtain approval for new projects.  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!!

Just look at the chart below and you can see that the inventory of available homes is down 41% from last year with only 73 active listings for sale by the end of December.

The chart below compares home sales in December 2012 to home sales in December 2011:

GAINESVILLE MARKET STATS

December 2012

2012

2011

+/-

Active Listings

73

125

-41.60%

New Under Contract

22

24

-8.33%

Closed Sales

37

41

-9.76%

Days on Market Until Contract

30

56

-46.43%

Attached Avg Sold Price

$256,480

$230,515

11.26%

Detached Avg Sold Price

$448,635

$446,928

0.38%

Avg SP to OLP Ratio

97.6%

97.2%

0.42%

So what does this chart tell us?   Townhomes and condos are selling for much more this year than last.  Single family/detached homes will follow suit as competition for those homes increases.  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 AveryHess.  Our phones are always on!  703-492-6500.

Market data, commentary, and statistics proved by Mark Holyfield, Manager, Avery Hess, Realtors, Lake Ridge Office.

 

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