I don't care what the elevin o'clock news might say about real estate and buyers....Woodbridge, VA and Prince William County as a whole is a Sellers Market. In other words, sellers whether a bank or actual person are receiving multiple offers on their properties. The blog entry by local Realtor Erick Blackwelder of Exit 1st Choice Realty gives you the sales break down for 2009.
Check out these numbers for Prince William County...
"12,723 homes were put up for sale between January 1, 2009, through December 31, 2009.
In 2009, 6,831 homes SOLD and settled in Prince William County. So roughly 50% of all homes that were listed as ACTIVE at some time in 2009 actually sold and settled.
On December 31, 2009 2141 UNDER CONTRACT, pending settlement.
We add the 6,381 SOLD homes to the 2,141 homes that were UNDER CONTRACT pending settlement on December 31, 2009, and we see that the market ABSORBED 8,522 ACTIVE listings.
That yields an Annual Absorption Rate of 67% throughout the year 2009, meaning that 67% of homes listed ACTIVE in 2009 were chosen by ready-to-buy home buyers.
When we spread all 8,522 homes absorbed by the market across all 12 months in 2009, we see that, on average, 710 SOLD each month. You and I know that some months are fast, others are slow, but the monthly average of homes SOLD in 2009 was 710 homes.
Among the 8,522 that were absorbed by the market in 2009, roughly 33% of homes sold were bank sales of foreclosed properties.
As Erick stated in his blog right now there are roughly 1,084 homes are FOR SALE as ACTIVE listings across Prince William County, which only leaves about a month and half of inventory. A HUGE bright spot for potential sellers."
Hey it's not all bad for Buyers in a Sellers market. As the numbers above show people are purchasing homes everyday. The key is to work with experienced agents that are well informed about your local area. Be ready to show some persistence and have some patience too!
I truly believe there has never been a better time to purchase or sell a home in Prince William County. That's my opinion but the numbers don't lie!
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