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.
|Prince William County, VA||July-2011||July-2010||% Change|
|Avg Sold Price||$296,362||$283,777||4.43%|
|Median Sold Price||$260,000||$251,000||3.59%|
|Avg Days on Market||47||39||20.51%|
|Avg Sold Price to List Price||96.8%||99.2%||-2.35%|