Gainesville, VA Market Report – 10/17/13

17 Oct
October 17, 2013

We are still in a “Seller’s Market”

Over the past two months there has been an increase in new listings coming on the market in Gainesville, compared to last year at the same time. This is an increase of 32.26% in new inventory available to buyers. Is it something sellers should be concerned about? Absolutely not! There are 10,777 homes in Gainesville, and only 118 are actively looking for a buyer. That’s .01% of homes in active status. Very low inventory, indeed!

The graph below shows the amount of active listings over the last 5 years:

Buyers, prices and interest rates are expected to rise again next year so we highly recommend you get out there this fall and take advantage of the increased inventory before next year’s feeding frenzy starts in March of 2014.

Compare home sales for Gainesville in September of 2013 to home sales in September of 2012:

  • The number of active listings available for buyers to purchase is up 17%. Better but still low Inventory
  • New listings on the market in is up 32%. Finally more for Buyers to choose from.
  • The average sold price of Single Family Homes (Detached) is up 11% and Townhomes/Condos (Attached) is up 11%. 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:

Gainesville

September

 

2013

2012

+/-

New Listings  (NL)

82

62

+32.26%

New Under Contract

65

57

+14.04%

Days on Market Until Contract

36

33

+9.09%

Closed Sales

47

49

-4.08%

Average Sold Price  (ASP)

$412,274

$397,000

+1.12%

Detached Avg Sold Price

$481,896

$432,476

+11.43%

Detached Units Sold

28

40

-30.00%

Attached Avg Sold Price

$309,674

$277,889

+11.44%

Attached Units Sold

19

9

+111.11%

Active Listings as of 9/30/2013

118

101

+16.83%

Now is a great time to buy before prices rise even more, and they will. It’s 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.

Market data, commentary, and statistics proved by Mark Holyfield, Manager, 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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