Everyone knows that the home inventory in Prince William County is extremely high. What people don't know is the actual numbers.
So what does this mean for buyers?
Well it means that it's a great time to buy.
With so much inventory you have the opportunity to buy what you want.
You have a better chance of negotiation.
Prices are lower than they have been in years
Below are some of the marketing statistics for the Prince William County area. The numbers are astounding. In 2004, there were only 881 homes for sale during the same timeframe.
Metropolitan Regional Information Systems, Inc.Real Estate Trend Indicator - Detached/Attached Report - <$100K to >$5M Format
Prince William County, Manassas City, & Manassas Park City, VA (PWAR) From: 11/01/2007 to 11/30/2007 Statistics generated on: 12/06/2007
Residential Unit Sales Number of Bedrooms
Active Listings
Time on Market
Price Class
2 Or Less Detach/Attach
3 Detach/Attach
4 or More Detach/Attach
Condo Coop and Ground Rent
Residential
Detach/Attach
Condo Coop and Ground Rent
of Units Sold (No. of Units)
Under $100,000
0 | 0
0 | 0
0 | 0
0
0 | 2
3
1 -30 Days
83
$100,000 - 149,999
0 | 0
1 | 2
0 | 1
1
5 | 37
21
31-60 Days
38
$150,000 - 199,999
0 | 0
4 | 17
1 | 1
7
64 | 268
103
61 - 90 Days
44
$200,000 - 249,999
0 | 0
12 | 34
8 | 6
8
229 | 521
168
91-120 Days
46
$250,000 - 299,999
0 | 1
9 | 27
19 | 7
2
441 | 612
133
Over 120 Days
177
$300,000 - 349,999
0 | 1
11 | 32
25 | 1
2
533 | 372
50
Total
388
$350,000 - 399,999
1 | 0
13 | 5
33 | 0
1
633 | 206
24
$400,000 - 449,999
0 | 0
3 | 4
27 | 0
0
458 | 59
9
Type of Financing of Units Sold (No. of Units)
$450,000 - 499,999
0 | 0
3 | 0
17 | 0
0
425 | 31
7
$500,000 - 599,999
0 | 0
2 | 1
23 | 0
0
490 | 23
10
Conventional
296
$600,000 - 699,999
0 | 0
0 | 0
8 | 0
1
197 | 7
4
FHA
22
$700,000 - 799,999
0 | 0
0 | 0
0 | 0
0
137 | 2
2
VA
21
$800,000 - 899,999
0 | 0
0 | 0
2 | 0
0
64 | 2
1
Assumption
26
$900,000 - 999,999
0 | 0
0 | 0
1 | 0
0
46 | 0
0
Cash
18
$1,000,000 - 2,499,999
0 | 0
0 | 0
3 | 0
0
83 | 1
0
Owner Finance
0
$2,500,000 - 4,999,999
0 | 0
0 | 0
0 | 0
0
4 | 0
0
All Other
5
$5,000,000 & Over
0 | 0
0 | 0
0 | 0
0
1 | 0
0
Unreported
0
Totals
1 | 2
58 | 122
167 | 16
22
5953
535
Total
388
Detach/Attach Totals
226 | 140
3810 | 2143
Grand Totals
388
6488
Average Sold Prices
$ 360,000 | $ 294,950
$ 316,729 | $ 266,492
$ 423,868 | $ 242,402
$ 240,747
Last Year Avg Sold Prices
$ 323,267 | $ 284,350
$ 389,903 | $ 329,606
$ 497,979 | $ 355,335
$ 293,408
Average Sold % Change
11.36 % | 3.73 %
- 18.77 % | - 19.15 %
- 14.88 % | - 31.78 %
- 17.95 %
Last Year Units Sold
3 | 12
55 | 140
184 | 33
34
2007
2006
% Change
Total Sold Dollar Volume:
$ 131,793,074
$ 185,301,548
- 28.88 %
Average Sold Price:
$ 339,673
$ 401,956
- 15.49 %
Median Sold Price:
$ 310,000
$ 370,000
- 16.22 %
Total Units Sold:
388
461
- 15.84 %
Detach/Attach Average Sold:
$ 396,090 | $ 264,146
$ 471,250 | $ 331,260
- 15.95 % | - 20.26 %
Average Days on Market:
136
110
23.64 %
Average List Price for Solds:
$ 384,342
$ 431,168
- 10.86 %
Avg Sale Price as a percentage of Avg List Price:
88.38 %
93.22 %
Total Number of NEW listings
taken for the month:
1455
Total # of Listings that are New Construction
Active Listings:
619
Sold Listings:
33
Total Number of Properties
marked Contract for the month:
295
Total Number of Properties
marked Contingent for the month:
131
Total Number of NEW pendings
(CONTRACTS + CONTINGENTS):
426
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data Copyright 2007 - Information deemed reliable, but is not guaranteed.
If you are looking for a Realtor that specializes in Prince William County Real Estate contact Stacy today!
Stacy Magid
Realtor
Licensed in the Commonwealth of Virginia
Coldwell Banker Elite 3600 Pointe Center Ct. Suite 110 Dumfries, VA 22026
Thanks. I always knew the numbers were high but this puts things more in perspective and now I can show my sellers the detailed information in my listing presentation.
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Awesome chart! I saved to to study more later.