The median home price in Prince William county has risen $100,000 from the market bottom of first quarter 2009.
Low Inventory of homes for sale and good interest rates have been the catalysts.
Good news for home sellers. Buyers are having a tougher time. There are few "deals".
Homes that are in great shape and priced correctly are receiving offers at or above market price.
The low unemployment rate, about half the national average, combined with record low interest rates have kept the price recovery coming along.
The good news in Prince William is being mirrored around the country... Prince William's major statistics through the month of April 2013 are graphed a couple inches below.
In order to smooth out seasonal aberrations and monthly anomalies, we generally use longer term statistics...covering 3-5 years.
The larger data set also helps uncover any underlying market trends of strength or weakness.
Below is the 5 year median price trend for Prince William which mirrors that of all NOVA counties.
The market bottomed in early 2009 and has been recovering a significant amount of the equity loss from the freakish never before seen price highs of 2005.
Hover your cursor over any point on the graphs to get a monthly read...they are interactive.
The number of days that it takes to get a winning contract is hovering around 41 in May 2014... a much better number than the 119 days in April 2008.
The existing inventory of re-sale homes is rising on the chart below. 1645 homes were for sale on average during the month of May 2014 compared to the 977 for sale during May 2013. A large increase in available homes for sale.
Good news for home buyers...more choices...less pressure.
As always, the strong economy of our area has cushioned us from the worst.
Well priced homes under $300k in good locations and in good condition have been getting contracts quickly.
Upper end properties ...above $600k, are moving well but more slowly even though some of them had sold for over $700k once upon a time.
Jan and I have sold more new construction homes in the last year couple of years than we ever have.
This is directly due to the low inventory of existing property combined with strong builder incentives.
However, builder's business actually has become so good in the last 9 months that many are cutting back on those sweet seller subsidies for buyer closing costs and the generous incentives for buyers options.
Once a given, the old $10k in buyer closing cost subsidy and $15k for options can no longer be assumed to be the norm.
Those builders that survived the plunge from 2006 to today are trying to get back in the black.
We had one of our clients in a lottery for a select lot....whoa! Crazy no?
New homes are selling...As an example, 400+ new homes sold in 2011 in Loudoun's Ashburn community of Brambleton...an amazing # of properties. Delivery time currently is often running 9 months to a year on detached new construction homes.
If you need information on new homes or any other area of real estate, drop us a line.
We will do our best to get you what you need.
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Moving to Northern Virginia? Not familiar with the area?
We are more than traffic and a great job market.
Below is a link to a photo tour of typical home styles and our countryside
yside: http://video214.com/play/ngb0RJKin5pR3jr2CUotnw/s/dark
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Why pay more and get less when selling your home? Jan and Steve Bachman of RE/MAX Gateway use professional photographers, create interactive photo floor plans, print full color brochures, and make an individual property website for your listing that goes out to 40+ public real estate search sites including Realtor.com, Trulia, Zillow etc.
We also create a custom photo tour that is sent to other agents and prospective buyers.
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RE/MAX Hall of Fame, Platinum Club, A Washingtonian Magazine Top Agent 2018
Happy to Help. No Hassle, No Pressure.
Jan and Steve Bachman are full time Realtors® with RE/MAX, specializing in Homes for Sale in Fairfax, Loudoun, Prince William and Arlington Counties.
Our 3 rescue dogs have been GREAT! Go get a couple.
