Lorton, VA Market Report – 1/6/2014

06 Jan
January 6, 2014

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

Look at the chart below - prices are still rising in Lorton with the average sold price up 20% over Dec. 2013.  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.  There are 9,758 homes in Gainesville and only 87 are actively looking for a buyer.  That’s less than .01% of homes in active status, very low inventory indeed!

Is there any good news for buyers – absolutely! The number of new listings to hit the market in December rose 13.5% (more inventory to choose from) and interest rates are still historically low.  Interest rates are expected to rise again in 2014, 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 Lorton in December 2013 to 2012:

  • The number of active listings available for buyers to purchase is only up by 6.  Still low Inventory
  • New listings on the market, only 5 more.
  • The average sold price of Single Family Homes (Detached) is up 4.67%  but Townhomes/Condos (Attached) is up 17%  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:

22079

December

2013

2012

+/-

New Listings  (NL)

42

37

+13.51%

New Under Contract

38

42

-9.52%

Days on Market Until Contract

36

32

+12.50%

Closed Sales

26

38

-31.58%

Average Sold Price  (ASP)

$472,223

$394,771

+19.62%

Detached Avg Sold   Price

$568,314

$542,964

+4.67%

Detached Units Sold

14

14

0.00%

Attached Avg Sold   Price

$360,116

$308,325

+16.80%

Attached Units Sold

12

24

-50.00%

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 or downsize 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, Avery Hess, Realtors, Lake Ridge Regional 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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