Prince William County, VA Market Report – 3/29/13

29 Mar
March 29, 2013

The real estate market in Eastern Prince William County is definitely in a “Seller’s Market Zone” due to the lack of available homes for sale.  Sellers are staying put, buyers are trying to take advantage of low interest rates but cannot find a home to purchase.  Welcome back multiple offers on fairly priced homes in good condition!!  Even the homes that are not in good condition have investors swarming over them with cash offers.

Compare home sales for Lake Ridge in February 2012 to home sales in February 2013:

  • The number of available homes for buyers to purchase is down 29.93%  Low Inventory
  • New listings on the market in Sept. is down 15.96%  Low Inventory
  • Homes under contract is up 13.04%  Creating even Lower Inventory
  • The median sold price is up almost 13.04%  Result of Low Inventory and more Single Family homes Selling

Now does this mean your home is worth  more this year than last year?  Absolutely!   Check out the stats:

 

February

2013

2012

+/-

New Listings

79

94

-15.96%

Closed Sales

42

53

-20.75%

New Under Contract

26

23

13.04%

Average Sales Price

$294,331

$267,005

10.23%

Avg SP to OLP Ratio

98.1%

94.6%

3.61%

Days on Market Until Contract

65

71

-8.45%

Detached Units Sold

18

16

12.50%

Attached Units Sold

24

37

-35.14%

Avg. List Price for Solds

$298,075

$271,038

9.98%

Attached Avg Sold Price

$226,367

$215,323

5.13%

Detached Avg Sold Price

$384,950

$386,519

-0.41%

Active Listings

96

137

-29.93%

 

As you can see there is now a greater number of detached (single family) than attached (townhouse/condo) homes selling.  This is coming from “move up” purchases and job relocations to our area. Owners of smaller homes are selling then purchasing larger homes and new residents are moving in after selling their home in the town they are coming from.

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

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

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