December 2009 had 635 listings ,down 33% from 952 in 2008. For the entire year in 2009, there were 11, 312 listings, down 33% from almost 17,00 from the previous year. Meanwhile, 542 homes closed in 2009, compared to almost 1,000 in 2008. A total of 8,654 homes closed in all of 2009.
As home prices were in the low $300,000s last month and continuing to rise, Bristow remains an affordable and in-demand place to live. Once again, interest rates are still low, consumer confidence is rising, and inventory is reduced, causing high buying activity in the $300,000 price range.
New. It’s is how someone would describe Bristow, since the houses, roads, restaurants and retail stores have all been built in the last five to ten years.
In comparison to last October, new listings have dropped over 35% and closed transactions have seen a decline by almost 35%. Pending sales are also down by 18%. However, the median sale price increased from $199,000 to $220,000 up almost 11%. Also, the price that a property sold for as a percentage of list price increased from 93% to almost 100%.
The statistics for Bristow really show a market that is stabilizing after two to three years of declines. The $333,441 average price is up a little over one percent from the previous month and up 8.8% from the same period one year ago. If you find yourself asking “Why?” The answer is supply and demand. Inventory is down 28% from one year ago and most of the people who were worried about their job security have had some kind of resolution. Now, participants in the market are benefiting from all of the risk takers before them that helped stabilize the prices.
At Avery-Hess, our people are our most important asset. Learn more about one of our best, Stephane Czajkowski from our Lake Ridge, Virginia Regional Office.
A part of Prince William County, Bristow is also located just to the west and south of Manassas in Northern Virginia. Over the past ten years, Bristow has seen its population almost double in size. In the month of August, there were 191 homes listed for sale, a decrease of 5.5% from the 202 that were listed in July. 40 homes were sold in August, which is less than the 50 sales closed in July.
Comparing August of 2008 to August 2009, there were 1,318 and 878 new listings, respectively—a decrease of 33%. Closed transactions also saw a drop from August 2008’s 916 units, falling 26% to 678 units this year. On the other hand, pending sales were almost identical—only declining a mere 5.5% from 945 in 2008 to 893 in August of 2009. Plus, this August’s average median price of $230,000 topped the previous average of $220,000. In fact, on average properties sold for 99.1% of their original list price last month!
Here is a quick snapshot of the market wrap-up for Prince William County: 963 New Listings 710 Sales closed $213,000 Average sale price 59 DOM