We are still in a "Seller's Market"
Over the past two months there has been an increase in new listings coming on the market in Gainesville, compared to last year at the same time. This is an increase of 32.26% in new inventory available to buyers. Is it something sellers should be concerned about? Absolutely not! There are 10,777 homes in Gainesville, and only 118 are actively looking for a buyer. That's .01% of homes in active status. Very low inventory, indeed!
The graph below shows the amount of active listings over the last 5 years:
Buyers, prices and interest rates are expected to rise again next year so we highly recommend you get out there this fall and take advantage of the increased
The real estate market in Eastern Prince William County is still in a "Seller's Market Zone" due to low inventory and pent-up demand. Buyers are trying to take advantage of low interest rates before they rise again but cannot find a home to purchase without multiple offers on homes in good condition! Even the homes that are not in good condition have investors swarming over them with cash offers.
Compare home sales for Lake Ridge in June of 2013 to home sales in June of 2012:
The number of available homes for buyers to purchase is down 23.81% Low Inventory
New listings on the market in Sept. is down 23.81% Low Inventory
Homes under contract is up 18.52% Creating even Lower Inventory