The real estate market in Eastern Prince William County continues to be leaning towards a "Seller's Market".
If you compare home sales in Lake Ridge in September 2011 to home sales in September 2012:
The number of available homes for buyers to purchase is down 32.87%
New listings on the market in Sept. is down 10.59%
Homes under contract is up 11.11%
The median sold price is up almost 20%
Now does this mean your home is worth 20% more this year than last year? Unfortunately, no. What that statistic tell us is that more single family homes are selling. See detached units sold below:
As you can see by the statistics below, buyers are really getting squeezed on finding something to buy. We have a classic supply and demand situation. After years of excessive inventory and weak demand causing falling prices, now we have the reverse.
There are fewer houses to buy, so homes are selling faster, and prices are getting pushed up. And this causes buyers lose their ability to negotiate and make demands. Buyers begin to accept small deficiencies in the property that they would not have when there was more to choose from.
Sellers in Prince William County enjoyed a great May 2012. Not only is the average sale price of a detached single-family home up 2.51% from May 2011 to $346,495, but the average days on market also dropped by a whopping 25%
“The best thing about the future is that it comes one day at a time.” – Abraham Lincoln. Like the future, Prince William County’s real estate market is rebuilding one day at a time. All economic signs are pointing towards stable real estate conditions, allowing for both buyers and sellers to benefit.
People talk about the national market like it's some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast.
Market activity can vary from one property type or price range to the next.
For the 12-month period spanning July 2010 through July 2011, Pending Sales in Prince William County were down 20.49% from the same period a year prior.
Prince William is still growing and has become one of the richest counties in the United States. Currently, with adjacent Fairfax County mostly developed, the eye is on Prince William to provide new business space.
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.
Bristow still has just a five-month supply of homes for sale, and economists consider six-months worth of housing inventory a balanced market. This low level of inventory keeps pressure on prices in an upward direction. Bristow is so stable of a market that the wording in the market commentary written below has not changed much in the past six months.