Lately, my inbox has had an increasing number of flyers from real estate agents throughout the United States as well as Prince William County advertising
- Price reductions
- Broker's open houses
- Weekend open houses for the public
Recent news reports about the 12 months of price increases in Prince William County are quoting history - not recent trends.
The chart below shows clearly that in my market area
- Active listings are steadily increasing
- Pending contracts are trending downward
- Closed sales are showing signs of a downward trend as a result of fewer pending contracrs
For the past several months mortgage interest rates have been slowly increasing which impacts negatively on the number of potential buyers who can qualify to purchase a home.
Now, about those price increases. As seen below, the median sales price increased steadily for the three momths following January of this year.
Since then there have been three instances of month over monthf sales price decline - that alone does not cause concern unless you also consider the decline in pending contracts.
It will take at least three more months of closed sales to learn whether or not the decline in pending contracts will cause a reduction in median sales prices in Prince William County.
Negative thinking on my part? This is not the first time in my 37 years in the real estate business that I have seen similar figures. It has not always resulted in market turmoil
The Kruschkas are long term Prince William County residents with more than 30 years experience as real estate professionals serving Woodbridge, Manassas, Dumfries, Manassas Park, Bristow, Brentsville, Gainesville and Haymarket.
Our Experience Isn’t Expensive – It’s PRICELESS
If you plan to buy or sell a Prince William County home or property contact Karen and Art by Email or call us at 703-499-9279. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.
For homes in eastern Prince William County see Ashland, Brittany, Eagles Pointe, Lake Ridge, Lake Terrapin. Lynnwood, Meadowbrook Woods, Montclair, Old Bridge Estates, Port Potomac, Port Potomac Homes For Sale Updated Hourly , Potomac Club, River Falls, Rollingwood Village, Saratoga Hunt, Wellington, Westridge and Winding Creek Estates
For Springfield area homes see Cardinal Forest, Cardinal Forest Condominiums, Charlestown, Daventry, Greentree Village, Kings Park, Newington Forest, Orange Hunt Estates, Rolling Valley, Saratoga, West Springfield Village and Winter Forest
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