Manassas, VA Market Report – 11/25/13

25 Nov
November 25, 2013

Over the past two months there has been a 70% increase of new inventory available to buyers in the City of Manassas. Is it something sellers should be concerned about? Absolutely not!  There are 14,053 homes in the City and as of Halloween night, only 87 are actively looking for a buyer.  That’s .0062% of homes in active status, very low inventory indeed!

The graph below shows the amount of active listings over the last 5 years. The blue line represents new listings that came on the market. As you can see, active listing inventory has been pretty steady since 2009 with small peaks and valleys.

Buyer interest, 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.

Compare home sales for the City of Manassas in October 2012 and 2013:

  • The number of active listings available for buyers to purchase is up 70%  Better but still low Inventory
  • New listings on the market in is up 51%  Finally more for Buyers to choose from
  • The average sold price of Single Family Homes (Detached) is down 2.53%  (smaller single family homes are selling) but the ASP for Townhomes/Condos (Attached) is up 9%.   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:

City of Manassas

October

2012

2013

+/-

New Listings  (NL)

43

65

+51.16%

Under Contract

99

92

-7.07%

Days on Market Until Contract

28

24

-14.29%

Closed Sales

40

47

+17.50%

Average Sold   Price  (ASP)

$256,985

$239,625

-6.76%

Detached Avg Sold   Price

$321,473

$313,333

-2.53%

Detached Units Sold

22

18

-18.18%

Attached Avg Sold   Price

$178,166

$193,875

+8.82%

Attached Units Sold

18

29

+61.11%

Active units as of   10/31/2013

51

87

+70.59%

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.

Below are more stats for the City of Manassas. If you have any questions, please 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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