April 11, 2012
Prince William County is realizing an increase in both the average and median sales prices in the current market. This is likely due to a lack of inventory which is also beginning to see an increase as we creep into Spring 2012. We are bracing for a comeback year in our local real estate market. I’m not saying that everyone’s lost equity is returning overnight, but I am noticing a local drop in the amount of distressed properties.
Foreclosures and short sales (homes that are being sold for less than is owed), have dominated the area for many years. With increasing demand, rising prices and a lack of available homes we should see many homeowners get back to a balance between what they owe and what their home is worth. This change is happening in Northern Virginia much much faster than the rest of the country. Our local economies are still fairly strong and unemployment low compared to the national scene. Many parts of our area began the decline sooner than the rest of the nation. Parts of Woodbridge and Manassas began the quick declines beginning in 2006. It wasn’t recognized nationally for 2 more years.
While others continue to look for the bottom, we are looking forward to the continue improvement. It only figures that Prince William would lead the US of A back to a stable and balanced housing market!
September 16, 2011
Have you every thought about becoming licensed to sell real estate in Virginia? We have an upcoming real estate licensing course beginning September 26th! The course will run Monday, Wednesday and Friday from 9-5. You COULD BE selling homes by the end of October! This 60 hour course meets the requirements of the Virginia Real Estate Board. In at little as 2 ½ weeks we will have you prepared to take that next exciting step in your future! Call 703-497-7788 for more info and to sign up!
Prudential Carruthers REALTORS in Lake Ridge
August 11, 2010
Sales cooled off as is usual in Prince William County during July. Days on the market remained below six weeks and the median sales price continued to rise. Sell off of the lower priced inventory occurred in large number in the previous 12 rolling months. Simple unbelievable is the percentage of price received based on original list price at 99.3%!
The lack of inventory continues to cause trouble for homebuyers. When a home comes available, especially if it is not a foreclosure or short sale, buyers are scurrying to snatch them up. That is a good thing for future price appreciation in the County. Potential purchasers must have their agent on standby and be ready to go and see these properties as soon as they come available.
As you can see by this chart all areas in the Washington DC area are on the rise, with similar peaks and valleys since 2007. The Outer areas of Prince William and Loudoun Counties saw their fall into foreclosures happen much more rapidly beginning in 2006.
The Washington area housing market appears to be in recovery, after 21 months of correction. Key to continued recovery will be job growth, continued reduced levels of home building, and the condition of the home finance industry, including low interest rates.
Source: MRIS, Delta Associates
June 10, 2010
Activity continued to increase in May
Number of Homes sold
Buyers were expected to slow down in May and there was some signs of that. However, closings continued to rise as purchasers that ratified contracts in April were clambering to cash in on the $8000 Federal Tax credit. We saw similar results throughout northern Virginia.
Sold Homes in Prince William County
There was a bit more leveling off in Prince William County, as the inventory remained extremely low! Home buyers were competing with as many as 10-15 offers and prices were beginning to get bid up. With the low pricing in the County, many would-be purchasers were better off waiting until the tax credit expiration, where their savings could be substantially greater than $8000.
Average sold price No. Virginia
The average sold price remained relatively flat in all Northern Virginia areas. This is no surprise given the current economic circumstances.
Average sold price Prince William
Time on the market continued to drop as first time buyer activity lead the way. If there is “Shadow” inventory waiting in the wings as is expected, the line should level off as that inventory becomes available. Shadow inventory refers to foreclosed homes that the banks have yet to put on the market for sale. Many lenders are saying that they have caught their breath now and will be releasing soon.
The real test of the sustainability of our marketplace and home values will take place after June, when the last of the tax credit recipients must close. There remain a lot of “if’s” in today’s real estate market. The two certainties are that homes prices in areas like Prince William have become an incredible value and interest rates have remained amazingly low for an extended period of time now. Something is gonna give. That is why smart investors have already moved in and made their move!
April 12, 2010
In March sold units were up 52% over February, but still considerably down from one year prior. Our local housing inventory has been very tight which has had an impact for some time now.
The average sales price has continued to climb and has been consitently above 2009. We may even see average prices creap above 2008, later this summer. With the end of the Federal tax credit coming on April 30th, it is likely that this upward trend will continue on strong.
Time on the market has been reduced greatly in this tight market. Most homes are going under contract within a few days. The only thing that has held back the timelines is the large number of short sales. The time it takes to get the seller’s lenders approval is still quite long.
There is an expected increase in the number of homes on the market coming after the tax credit expires. Many believe that the banks have been working in concert with the federal reserve in limiting the inventory. This assisted in pricing recovery and kept the tax credits from going through the roof.
March 10, 2010
For February, the sold units remain at very low levels. This shortage of inventory is having a positive impact on time on the market as well as pricing. Below are the statistics from MRIS, the local MLS system.
The volume of sales in Prince William fell by 26% from the prior February.
The average sold price rose 24.9% from $195K to $215K, suggesting both an improvement in competition as well as condition of the types of homes currently being sold.
The average days on the market decreased by over 40% in the past year. In 2009 it was 93 days, this February it has sunk to 44 days. It was back in 2005 when we last saw such quick sales. Home sellers are seeing multiple contracts on well priced homes.
Sellers received 100% of their sales price as a result this month. This does not, of course account for seller concessions which seem to be pretty standard in today’s marketplace. It seems to be an outstanding time to make a move if you have equity or even if you need to short sale and get out of an unsustainable debt. The question still remains about how the local area will respond to the expiration of the Federal tax credits at the end of April.
Prudential Carruthers Realtors
Homes in Northern Virginia Meet the Team What’s my Home worth?
February 1, 2010
According to Prince William county’s demographer, fourth quarter 2009 statistics indicate that the county will surpass 400,000 residents this year. The county is the third most populous region in Virginia, behind Fairfax and Loudoun. The areas likely to see the most growth are Linton Hall, Montclair, Bull Run, and Gainesville. In addition, the numbers of those living in Prince William who were born outside of the United States has grown by double-digit percentages. A 2008 American Community Survey “indicated that 20 percent of Prince William County’s population was foreign born in 2008, compared to 6.2 percent in 1990. This percentage is expected to increase, creating more opportunities for bilingual agents to build their business.