Prince William County home prices are rising. Inventory is at a 5 yearlow.
Good news for home sellers.
The low unemployment rate, about half the national average, combined with record low interest rates have kept the price recovery coming along.
Don't forget, the national real estate situation has almost no bearing on the good news from Prince William; See for yourself... Prince William's major statistics through the month of January 2013 are graphed a couple inches below.
In order to smooth out seasonal aberrations and monthly anomalies, we generally use longer term statistics...covering 3-5 years.
The larger data set also helps uncover any underlying market trends of strength or weakness.
Below is the 5 year median price trend for Prince William which mirrors that of all NOVA counties.
The market bottomed in early 2009 and has been recovering a significant amount of the equity loss from the freakish never before seen price highs of 2005.
Hover your cursor over any point on the graphs to get a monthly read...they are interactive.
The number of days that it takes to get a winning contract is hovering around 56 a much better number than the 118 days in February 2008. As the weather warms, these numbers should decrease as you can see historically below:
The existing inventory of re-sale homes is at a five year low on the chart below. 801 homes were for sale on average during the month of January 2013 compared to the 5176 for sale during February 2008 the 5 year high point....an 84% decrease in supply.
Basically less than one sixth the number of homes are now on the market compared to February 2008. That is why prices are going up.
A small 2.17 months supply of housing was available in January...(369 sold vs 801 available)....combine that with steady demand and fewer foreclosed properties for sale and good news for Home sellers results.
Thanks for stopping by our blog and come back often.
If you need information on new homes or any other area of real estate, drop us a line. We will do our best to get you what you need.