Manassas, VA Market Report – 9/26/13

26 Sep
September 26, 2013

Over the past two months there has been an increase in new listings coming on the market in the City of Manassas. Compared to August of 2012, this is an increase of 54% in new inventory available to buyers. Is this something sellers should be concerned about? Absolutely not!  We are still in a “Seller’s Market”.

Let’s go back in five year increments and look at the inventory and average sales price history for August: 2008 (NL) 126, (ASP) $168,234;  2003  (NL) 83, (ASP) $227,429;  1998  (NL) 67, (ASP) $149,930.  One more number to throw out there, the number of active listings at the end of August this year is 75, in 2007 it was 599.  As you can see, sellers should be very happy with the current lack of available home inventory.  Buyers should also be relieved that there are almost twice as many homes available as last year and interest rates are still historically low!!

Buyers, we highly recommend you get out there this fall and take advantage of the increased inventory before next year’s feeding frenzy starts again in the spring of 2014.

Compare home sales for Manassas City in August of 2013 to home sales in August of 2012:

  • The number of active listings available for buyers to purchase is up 22%  Better but still low Inventory
  • New listings on the market in is up 54%  Finally more for Buyers to choose from
  • The average sold price is up almost 20%  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:

Manassas City

August

 

2013

2012

+/-

New Listings  (NL)

71

46

+54.35%

New Under Contract

24

23

+4.35%

Days on Market Until Contract

21

36

-41.67%

Closed Sales

54

52

+3.85%

Average Sold Price  (ASP)

$273,826

$229,928

+19.09%

Detached Avg Sold Price

$352,532

$313,151

+12.58%

Detached Units Sold

25

22

+13.64%

Attached Avg Sold Price

$205,976

$168,898

+21.95%

Attached Units Sold

29

30

-3.33%

Active Listings as of 8/31/2013

76

62

+22.58%

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 even more. 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.

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

Erica Higgins

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

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