Brad Chandler of Express Homebuyers evaluates real estate statistics for Prince William County, Virginia from Aug. 2011.
Prince William County homeowners have cause for optimism when it comes to the real estate market. The average sales price of a home sold in August was $304,944. This is a 3 percent increase from a year earlier. However, only 498 homes sold in August, that’s 15 percent less than last August. Those homes took on average 53 days to sell. Don’t despair because while it’s a 23 percent increase—it’s only taking 10 more days and is still a very short sales time.
It was nice to see the housing supply fall to below three months. Based on 558 homes sold in July there is less than a 3-month supply of homes in Prince William County. Home supply tells you the number of months it would take for all of the current homes for sale on the market to sell at the current monthly sales volume. Between four and five is average. A higher number means there are more sellers than buyers.
Sellers are receiving almost 97 percent of what they list their home for. To put this in perspective, if a seller listed their home for $100,000 they would, sell it for $97,000.
Here are a few other numbers to keep an eye on to determine the market’s health in Prince William County. The number of homes for sale decreased 3.7 percent from a year ago to 1,548 while the number of homes that came on the market decreased 10 percent to 697 homes. The number of new contracts that buyers placed on homes for sale increased over 26 percent from a year ago which is great news. This indicates buyer activity surged. Though no one can say exactly what cause the surge, I can surmise it is a combination of lower interest rates—which are currently at an all time low—coupled with buyer perception that we are at the bottom of the pricing cycle and prices will likely increase. It is my opinion that these factors together indicate a healthy real estate market in Prince William County.
If you have any questions about this information or selling your Prince William County house fast, please call Express Homebuyers.
|Prince William, VA||August-2011||August-2010||% Change|
|Avg Sold Price||$304,944||$295,020||3.36%|
|Median Sold Price||$277,500||$265,000||4.72%|
|Avg Days on Market||53||43||23.26%|
|Avg Sold Price to List Price||96.8%||98.6%||-1.88%|