Prince William County May 2010: 5-Year Residential Real Estate Market Volume Trend
Copyright (c) 2010 Deanna & Jim's GOLD Team, RE/MAX Olympic Realty
The following table show the counts of new residential real estate listings over slightly overlapping 13-month intervals in the last 5 years:
Starting Date End Date Total New Listings
April 1, 2005 May 31, 2006 27277
April 1, 2006 May 31, 2007 24150
April 1, 2007 May 31, 2008 24709
April 1, 2008 May 31, 2009 20281
April 1, 2009 May 31, 2010 14208
Conclusions
1. Overall volume in the last 13 months is just over half what it was 5 years ago.
2. Volume dropped from 2005-6 to 2006-7 stayed roughly flat into 2007-8, then dropped again in 2008-9, and again in 2009-2010.
3. There is little evidence that sellers in aggregate have resumed listing homes for sale in higher numbers.
4. Buyers have been lured back by low prices and (now-expired) tax credits. The lack of homes to sell them has created a shortage. Prices have stabilized and/or increased in many areas. Homes listed at market value now will sell swiftly due to the unbalance in supply and demand.
(Deanna & Jim's GOLD Team has handled over 485 sales, 150 bank-owned sales and dozens of short sales in Northern Virginia in the last 10 years. We have a Certified Distressed Property Expert, an MBA, an MSE in Computers, an MA in Counseling and deep training in advanced negotiation and mediation. We'll knock your socks off with responsive personal service!)
(Date from MRIS/MLS believed accurate but not guaranteed without independent confirmation.)
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