I was just conducting a study of the real estate market in Prince William County, and the numbers are amazing. I was pulling this together to assist with a presentation to the County covering the state of the real estate market. I wanted to share what I found with you.
The average sold price on the basis of price per square foot is interesting. Over the past 12 months the sold price per square foot has moved from $101 to $114. This is a 12.4% increase! Our real estate prices did bottom in February of this year. If you consider our pricing move since the bottom, we have experienced a 17.5% price increase, taking our average sold price per square foot from $97 to our current $114
Looking at the actual median sold price of real estate in Prince William County, over the past 12 months our median price is up 16.6%, from a reading of $189,950 in November 2008 to the current level of $221,495. Applying the same pricing bottom that occurred in February 2009, our home prices in Prince William County are up 26.6% from the market bottom. The Median sold price was $175,000 in February 2009 and we are now at a current reading of $221,495.
The next housing crisis which is already well underway is the lack of available homes. Household numbers in the county have increased during this recession. We have an influx of families moving to this area as jobs can be found in the Washington DC market place. Further, with the reduction in home mortgage interest rates, along with the overall drop in our home prices since the beginning of our real estate downturn in late 2005, the purchasing of a home is in reach of more people than ever. To this end, our supply of homes has dropped to unsustainably low levels. Over the past year the month's supply of homes has dropped by 62.4% from a 16 month supply to the current 1.9 months supply. A balanced real estate market is 5 to 6 months of inventory.
The number of available homes on the market in November 2008 was 3,815 and as of November 2009, this number has dropped to 1,237. Two years ago, the number of available homes on the market totaled 5,709.
RE/MAX Unlimited of Northern Virginia - Bristow, VA
Very good news for us homeowners in Prince William County especially since there will be so many families PCS'ing and relocating due to BRAC.
Dec 05, 2009 12:14 PM
Prudential Carruthers Realtors - Woodbridge, VA
Chuck, thanks for the information. I am excited that we are seeing some light at what I hope is the end of the tunnel. Hopefully things will continue to stabilize in our area.
Jan 05, 2010 12:11 AM
Recent Posts
For years, I have worked hard to keep the Eagles of RE/MAX Regency updated on our LOCAL real estate market conditions. I watch closely what market conditions are doing in the Washington/Baltimore market area in order to keep our agents as productive as possible. In this blog, I will share many of the same information with you.
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