Even though there was a nearly 114% increase in new listings, the real estate market in Bristow is still in the "Seller Zone". Buyers have been trying to take advantage of historically low interest rates before they rise again but cannot find a home in good condition to purchase without already having multiple offers!
Even the homes that are in poor condition have investors swarming over them with cash offers. August should show a slowdown in sales activity as families gear up for the start of the school year, but September may come back with a bang!! (Look for those numbers in early October)
Compare home sales for Bristow in July of 2013 to home sales in July of 2012:
The number of
The real estate market in Eastern Prince William County continues to lean towards a "Seller's Market."
Compare Bristow home sales in October 2011 to home sales in October 2012:
The number of available homes for buyers to purchase (active listings) is down 39.56%
New listings on the market is down 13.04%
Homes under contract is up 17.65%
The average sold price for single family homes is up 6.84 %
The average sold price for town homes is up 12.45 %
Now does this mean your home is worth more this year than last year? Yes, if your home is in good condition inside and out, especially kitchen and bathrooms. The chart below refers to “averages,” if your home is in better shape with loads
For those of you who have been following my posts on the Bristow market, we continue to see the effect of the lowest inventory levels in the past 5 years coupled with historic low interest rates.
We continue experience the lowest inventory levels Northern Virginia has seen in the past 5 years. Prince William County and the Bristow market mirror this trend.
The Northern Virginia market is currently experiencing the lowest inventory levels we’ve seen in the past 5 years. Prince William County and the Bristow market are also seeing low inventory levels.
Wow, what’s going on in Bristow? Coupled with Gainesville ,they are Prince William County’s hot spots! Sales volume is up 26% year over year. While much of our area saw a decline, and Prince William County overall only showed slightly over 1%. Foreclosures are down over 55% from last year. The strong growth is driven by the number of newer homes on the market as well as reasonably priced new construction.
Despite the ongoing news about rising interest rates, more foreclosures properties entering the market, and no buyers, Northern Virginia continues to sustain a steady growth in most markets. The Bristow community however is bucking this trend for the 1st quarter of 2011. The bright side is that the number of properties under contract for the month has increased over 2010, which indicates that the number of sold properties will show an increase for the month of April.
After being under supplied for the past three years, Bristow’s current housing supply is now finally in balance. We have just about a seven-month supply, which is great news. Economists and “experts” say a six-month supply is just right.
Bristow’s current housing supply is now a little OVER a four month supply after being right at four months for a long time. Is this a change in the trend or just the time of year? Only time will tell. Remember that economists say a six-month inventory indicates a balanced market
Bristow’s current housing supply is down to four month’s worth of inventory. Typically economists say that a six-month inventory indicates a balanced market. This low level of inventory is keeping upward pressure on prices in the area. However, overall Bristow has been a very stable market during 2010 after a rapid rise starting in December 2008.