We Buy Houses!

The average sales price of a home sold in November was $514,274, a decrease of 7% from a year earlier. 447 homes were sold in the District in November, a 9.5% decrease from last November. Those homes took on average 73 days to sell – this is an increase of nearly 16%. Based on 421 homes being sold in October there is a 5 month supply of homes. This means that if buyers continued to buy at the same pace as they did in October 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 5 months.  A 5-6 month supply is considered healthy for supply. Because supply isn’t as low as it once was, sellers are getting on average 94% of what they list their home for. So if the seller listed their home for $100,000 they would, on average, end up selling it for $94,000. The District currently has 2,007 homes for sale. This number has decreased almost 24% from a year ago, while the number of homes that came on the market in November – 587 – decreased by over 14%. The number of new contracts that buyers placed on homes for sale increased from 497 to 565 – that’s up over 13% from a year ago. This is an indication that buyer activity has increased significantly from a year ago. This could be a combination of extremely low interest rates coupled with average sales prices declining and buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase. This is what we have been seeing for most of the year, with October being the exception – new contracts were actually down in October. If you have any questions about this information or selling your DC house fast please call us at the number above.

Prince William County, rural until the late 1930s, has experienced such growth since the 1960s that it is now the third most populated jurisdiction and the second largest county in Virginia. Only 30 miles from downtown Washington, D.C. and 20 minutes from Dulles International Airport, it is a prime area for business development. In October 2011, the county was named number one in job growth in the state. Quantico military base is also expanding its workforce. As 75 percent of the labor pool in Northern Virginia is within 30 minutes of the center of the county, local officials are always looking for ways to shorten the commute.

Read More »