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Waiting For Real Estate Prices To Bottom Out?
They Have - The Real Estate Inventory Shortage In Prince William County Is Having A Direct Impact On Price
I subscribe to interactive graphs from our MLS that offer me a broad range of statistical information - I am not at liberty to alter the numbers to suit my purposes.
The first chart shows the median sold price for all home types across all price ranges over the past 12 months throughout Prince William County. It was $254,500 in September 2011 and has risen steadily to $275,500 in August 2012 - an 8% increase!!. The dollar average is not the issue as everyone understands there is a wide range of prices in Prince William County.
Yes, there are areas where the percentage increase may be incorrect, but the overwhelming evidence supports an upward trend is in motion in Prince William County.

This second chart measures available inventory levels of six price points across all home types (condos, detached and town homes). Every single one of them is showing an inventory decline over the past 12 months.
The largest is 35% in the $200 to $300K price range while the lowest is 16% in the $400 to $500K range.

Interest rates are at historically low levels ... more

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