Lake Ridge, VA. Market Report – 7/29/13

29 Jul
July 29, 2013

The real estate market in Eastern Prince William County is still in a “Seller’s Market Zone” due to low inventory and pent-up demand.  Buyers are trying to take advantage of low interest rates before they rise again but cannot find a home to purchase without multiple offers on 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 June of 2013 to home sales in June of 2012:

  • The number of available homes for buyers to purchase is down 23.81%  Low Inventory
  • New listings on the market in Sept. is down 23.81%  Low Inventory
  • Homes under contract is up 18.52%  Creating even Lower Inventory
  • The average sold price is up almost 15%  Result of Low Inventory and Historically Low Interest Rates

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

 

 

June

 

2013

2012

+/-

New Listings

100

107

-23.81%

New Under Contract

32

27

+18.52%

Days on Market Until Contract

25

37

-32.43%

Closed Sales

98

88

+11.36%

Average Sold Price

$334,719

$292,095

+14.59%

Detached Avg Sold Price

$435,642

$406,145

+7.26%

Detached Units Sold

45

40

+12.50%

Attached Avg Sold Price

$249,030

$197,054

+26.38%

Attached Units Sold

53

48

+10.42%

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 in Lake Ridge. Our phones are always on!  703-492-6500.

Commentary and statistics provided by Mark Holyfield, Broker of Avery-Hess, Realtors Lake Ridge.

Erica Higgins

Administrative Manager & Marketing Assistant at Avery-Hess, Realtors
Front Royal
Office: (540) 631-9009
Email: ehiggins@averyhess.com

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