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Each month Brad Chandler of Express Homebuyers tracks your real estate statistics for Prince William County, Virginia

If you follow the real estate market in Prince William County, you’ll note that this month the average sales price of a home sold was $296,362. This is great news because is an increase of 4.5 percent from this time last summer. 558 homes hung “sold” signs in Prince William County in July, 3 percent fewer than last July. It took those homes an average of 47 days to turn. That percentage is a 20.5 percent increase, but don’t worry because it’s only taking eight more days and is still a very short sales time.

Less Than 3-Month Supply of Homes

Based on 559 homes sold in June there is less than a 3-month supply in Prince William County. In other words, if buyers continue to buy at that same pace each month going forward and no new homes entered the market the supply of houses for sale would run out in less than 3 months. Listing price is holding relatively steady as well. Sellers are receiving on average almost 97 percent of their listing price. That means that a home listed for $100,000 would, on average, sell for $97,000.

Some Decreases and Increases to Note

The number of homes for sale decreased 2.5 percent from a year ago to 1,555 while the number of homes that came on the market decreased 12 percent to 778 homes. The number of new contracts that buyers placed on homes for sale increased almost 17 percent from a year ago meaning buyer activity surged. Why? Well, it is a possible 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.

I believe this month’s real estate statistics for Prince William County are very positive and indicate a healthy real estate market. If you want to discuss the real estate market in your county or are interested in a quick turnaround on selling your home, please give me a call. I’d love to hear from you.

Brad Chandler here of Express Homebuyers. I want to share with you July 2011 real estate statistics for Montgomery County, Maryland.

Home prices are up in Montgomery County. The average sales price of a home sold in July was $492,617, an increase of almost 2 percent from a year earlier. There was not much change in the number of homes sold this July, 907, as compared to the same time period last year. Those homes took on average 73 days to sell, a 28 percent increase from a year ago.

What Did Home Supply Numbers Look Like?

Based on 1,042 homes being sold in June there is just over a three-month supply of homes in Montgomery County. To clarify this notion of “supply” what I mean is if buyers bought at the same pace as in June every month moving ahead and no one placed new houses on the market, the supply of homes for sale would deplete in 3 months.

Decreases in Homes Coming on the Market

Sellers are receiving about 94 percent of their listing price. That means when a seller lists a house for $100,000 they sell it for approximately $94,000. The number of homes for sale decreased 10.5 percent from a year ago to 3,424 homes while the number of homes that came on the market decreased almost 18 percent to 1,175 homes.

22 Percent New Contract Increase

Here’s some great news for those who track new contracts! There was a big increase in the number of new contracts that buyers placed on homes for sale in Montgomery County – almost 22 percent from a year ago. Buyer activity surged. I believe this could be for two main reasons. Low interest rates are combining with a perception on the part of buyers that we are at the bottom of the pricing cycle. They think prices will probably increase.

The numbers in this summary tell me we have a healthy real estate market in Montgomery County. If you have any questions about this information or selling your house fast please give me a call.

Hi! I’m Brad Chandler and I own Express Homebuyers. I invite you to read the July 2011 real estate statistics for Fairfax County in Virginia.

The average sales price of a home sold in July was $485,349. This is a decrease of about 3 percent from a year earlier. 1,244 homes were sold in Fairfax County in July, that’s over 3 percent less than last July. But the good news is that those homes took on average 45 days to sell. 45 days is extremely fast, signifying a healthy market. Speaking of healthy, based on 1,399 homes being sold in June there is a 2.5-month supply of homes in Fairfax County. This means that if buyers continued to buy at the same pace as they did in June 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 2.5 months.

Sale Prices Holding Steady

Sellers are getting almost 97 percent of what they list their home for. So if the seller listed the home for $100,000 they would, on average, end up selling it for $96,700. The number of homes for sale decreased a little over 6 percent to 3,516. The number of homes that came on the market, 1,678, is down about 8 percent from a year ago.

New Contracts Rose 17 Percent

The number of new contracts that buyers placed on homes for sale increased almost 17 percent to 1,355 from a year earlier. There are a couple of possible explanations for this trend. It 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.

In all, these numbers tell me there is a healthy real estate market in Fairfax County. Feel free to give me a call if you have questions about real estate trends in Fairfax County, or if you need help selling your house quickly.