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!
Posted by Jim Evans 
