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
Over the past two months there has been an increase in new listings coming on the market in the City of Manassas. Compared to August of 2012, this is an increase of 54% in new inventory available to buyers. Is this something sellers should be concerned about? Absolutely not! We are still in a “Seller’s Market”.
Let’s go back in five year increments and look at the inventory and average sales price history for August: 2008 (NL) 126, (ASP) $168,234; 2003 (NL) 83, (ASP) $227,429; 1998 (NL) 67, (ASP) $149,930. One more number to throw out there, the number of active listings at the end of August this year is 75, in 2007 it was 599. As you can see, sellers should be very happy
Buyers are asking, "Where can I find a home to buy in Northern Virginia"?
That's a good question, and I have the answer - "New Construction." With interest rates "still" at historic lows and the lack of inventory of available resale homes, buyers are streaming to new home builders.
"What does this do for homeowners in Manassas Park?"
In general, new construction drives resale home prices, so as builders raise their prices (happening now), it tends to pull resale values up also. Do I hear a "Come on new construction!?"
So, why are buyers flocking to new construction? It's simple - there is a lack of available homes for sale. The chart shows us there was a 20% decrease in new listings on the
The City of Manassas and Manassas Park City are two independent cities located in the heart of Prince William County. The City of Manassas is the original County Seat of Prince William County, much like the City of Fairfax, an independent city, is the County Seat for Fairfax County.
The City of Manassas is an independent city located in the heart of Prince William County, and it is the original County Seat of Prince William County, much as the City of Fairfax, an independent city is the County Seat for Fairfax County.