Just when it looked every thing was improving in Prince William County, the new sales numbers show some mixed results. I mentioned for the last few months that we were going to have ot keep an eye on the trends, and the shart below shows why.
Based upon out most recent statistics from our MLS (MRIS) Sales of homes in Prince William VA decreased 39.64% compared to same period in December 2008 at the same time the average sale price rose 22.04% The average price of Prince William VA homes sold has moved higher - This tells us that the Prince William VA Real Estate Market may have hit bottom and has increased slightly. Price is up substantially, but sales are down substantially. We will still have to wait and see the trends in the next few months. We must also know that mortgage rates are at historic lows and that lower rates will drive prices higher.
The real estate report below shows a YTD comparison of average Prince William VA homes sold chart based on MRIS Data*. The Prince William Real Estate market has changed and we all need to know what is occurring.
Total Dollar Volume is down 26.12%
39.64% decrease in the number of homes in Prince William VA that sold as compared to December 2008.
In sales of homes in Prince William the List price / Sales Price ratio of 96.29% shows a clear improvement but that we are still in a buyers market. Sellers are not getting what they are asking for in their original list price. So there is still give and take in what a home actually is selling for if we keep in mind the seller's contributions to make the deal go through.
Days on Market (Time to sell a home) is down substantially 39.64%. That mean good home spriced right are sellign quickly.