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Prices of homes in Prince Georges County have, once again, declined from the previous year – almost 8% since last June, falling to $187,381. Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years, with some areas seeing values nearly cut in half. 783 homes were sold in June – this is over a 20% decrease from the previous June. These homes remained on the market for 99 days – an increase of over 11% and sellers are only getting 90% of what they list their house for. This means that if the seller lists his or her home for $100,000 they will end up selling it for $89,600. In terms of supply, in May, 2011 there were 738 homes sold. When you divide this into the number of active listings, this signifies over a 6 month supply of houses. This means that if buyers continued to buy at the same pace as they did in May each month going forward and there were no new homes placed on the market for sale the supply of houses for sale would run out in 6 months. The number of homes for sale has remained virtually the same from a year ago at 4,637 while the number of homes that came on the market decreased 6% to 1,302 homes. The most dramatic percentage change in the numbers I track was the number of new contracts that buyers placed on homes for sale – they increased 67% from a year ago. This is really staggering and an indication that buyer activity has surged. This could be a combination of lower interest rates coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase. Additionally, lots of this activity is from investors who are now getting good cash flow returns from rental properties. When values drop nearly 50% and rents stay stable or increase you can imagine how return on investment would skyrocket. If you have any questions about this information or selling your house fast please contact us at the number above.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

The average sales price of a home sold in June was $511,000 , an increase of over 6% from a year earlier. 1,399 homes were sold in Fairfax County in June, that’s almost 17% less than last June. Those homes took on average 44 days to sell. While it’s a 7% increase –it’s only three more days is still extremely fast, signifying a healthy market. Speaking of healthy, based on 1,212 homes being sold in May there is a 3 month supply of homes in Fairfax County. This means that if buyers continued to buy at the same pace as they did in May each month going forward and there were no new homes placed on the market for sale the supply of houses for sale would run out in 3 months. Sellers are getting almost 97% of what they list their home for. So if the seller listed the home for $100,000 they would, on average, ending up selling it for $96,700. The number of homes for sale- 3,555 – has remained virtually the same from a year ago as well as the number of homes that came on the market -1,948. The number of new contracts that buyers placed on homes for sale has increased by over 16% to 1,460 from a year earlier. This could be a combination of lower interest rates coupled with buyers perception that we are at the bottom of the pricing cycle and prices will likely increase. All of the above factors indicate a very healthy real estate market in Fairfax County. If you have any questions about this information or selling your house fast please contact us at the number above.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

The average sales price of a home sold in June was $573,000, an increase of almost 7% from a year earlier. 663 homes were sold in the District in June, a 14% decrease from last June. Those homes took on average 68 days to sell. Based on 618 homes being sold in May there is a 4 month supply of homes. This means that if buyers continued to buy at the same pace as they did in May each month going forward and there were no new homes placed on the market for sale, the supply of houses for sale would run out in 4 months. Sellers are getting on average 95% of what they list their home for. So if the seller listed the home for $100,000 they would, on average, ending up selling it for $95,000. The District currently has 2,383 homes for sale. This number has decreased about 15% from a year ago, while the number of homes that came on the market in June – 955 – decreased by 14%. The most dramatic percentage change in the numbers I track was the number of new contracts that buyers placed on homes for sale – they increased from 605 to 739 – that’s over 22% from a year ago. This is an indication that buyer activity has surged. This could be a combination of lower interest rates coupled with buyers perception that we are at the bottom of the pricing cycle and prices will likely increase. All of the above factors indicate a very healthy real estate market in DC. If you have any questions about this information or selling your house fast please contact us at the number above.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.