Gainesville, VA Market Report – 12/16/2013

16 Dec
December 16, 2013

Are we edging closer to a “Normal Market?  Not really, we are still in the “Seller Zone”!

Prices will continue to climb at a steady rate as long as interest rates and inventory remain low. In the third quarter of 2013 there was an increase in new listings coming on the market but sold prices did not reduce. Why, you ask? Because inventory is still historically low. It gets even better for sellers, in November, the number of new listings dropped 14% compared to November 2012. This is the first significant drop in inventory since December 2012. Very good news for sellers! There are 10,777 homes in Gainesville and only 91 are actively looking for a buyer. That’s less than .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  and take advantage of the existing inventory before next year’s feeding frenzy starts.

Compare home sales for Gainesville in November 2013 to 2012:

  • The number of active listings available for buyers to purchase is down 5%  Still low Inventory
  • New listings on the market in is down 14%
  • The average sold price of Single Family Homes (Detached) is down 1%  but Townhomes/Condos (Attached) is up 14%   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

November

 

2013

2012

+/-

New Listings  (NL)

37

43

-13.95%

New Under Contract

35

37

-5.41%

Days on Market Until Contract

48

54

-11.11%

Closed Sales

42

41

+2.44%

Average Sold Price  (ASP)

$385,230

$396,397

-2.82%

Detached Avg Sold Price

$436,717

$441,907

-1.17%

Detached Units Sold

25

30

-16.67%

Attached Avg Sold Price

$309,513

$272,277

+13.68%

Attached Units Sold

17

11

+54.55%

Active Listings as 11/30/2013

91

96

-5.21%

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

Erica Higgins

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

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