The interactive graphs in this post were produced by MRIS, our local Multiple Listing System.
The numbers reflect the real estate activity for the 402,000 residents of Prince William County
Homes Sold
In May 2012 a total of 602 homes were sold throughout Prince William County
In April 2013 a total of 502 homes were sold throughout Prince William County
A 100 home decrease year over year is a 17% decrease in units sold
Homes For Sale
In May 2012 there were 1,182 homes for sale throughout Prince William County
In April 2013 there were 924 homes for sale throughout Prince William County
That is a 22% decline in the number of homes listed for sale
However
Median Sold Price
increased by 16% in April 2013 compared to May 2012 or from $273,000 to $317,450.
There will always be some homeownwers and buyers ready, willing and able to sell and buy regardless of market conditions.
The low inventory of homes for sale and an annual increase of 16% in the median sold price is not a sign of a stable market or a growing market. THAT LEVEL Of INCREASE IS NOT SUSTAINABLE for any prolonged period of time - it is solely the product of an inventory shortage
Inventories are low because
- Many homeowners owe more on their deed of trust than the current market value of their home and cannot afford to absorb the loss
- The slow pace of the economic recovery and the concern it could slip again has many homeowners and buyers adopting a "wait and see" attitude
This is not the first rime Karen and Art Kruschka have encountered a troubled market since we were licensed in 1976. We have the knowledge and "hands on" experience to counsel you on the possible action plans according to your individual situation. Our expertise is only a phone call away at
703-499-9279
or
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