October 2011 Real Estate Statistics for Prince William County, Virginia

Brad Chandler shares October 2011 Real Estate Statistics for Prince William County, Virginia

Representing a 1 percent increase from a year earlier, the average sales price of a home sold in October was $275,43. Almost 12 percent fewer home (394) were sold in Prince William County than in last October. Those homes took on average 54 days to sell. While it’s a 26 percent increase – it’s still a short sales time. Based on 410 homes being sold in September, there is a 3-month supply of homes in Prince William County. This means that if buyers continued to buy at the same pace as they did in September 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. On average, sellers are getting almost 96 percent of what they list their home for, which means that if the seller listed their home for $100,000 they would, on average, end up selling it for $96,000. The number of homes for sale decreased 14 percent from a year ago to 1,409 while the number of homes that came on the market decreased 17 percent to 575 homes. Undoubtedly, this is because the foreclosure process temporarily came to a halt in late 2010. Supposedly, this will soon change and the banks resume processing foreclosures. Buyer activity has increased over the last year, as the number of new contracts that buyers placed on homes for sale increased by more than 15 percent. A combination of lower interest rates – which are currently at an all time low – coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase has sent homebuyers shopping. All of the statistics indicate a very healthy real estate market in Prince William County. Have any questions about this information? Want to sell your Prince William County house fast? Please contact us at the number above.