The graphs below make three things clear about the Prince William County real estate market. For the past three months
- Detached and town home inventories are higher than the same period last year
- Detached and town home sales are lower than the same period last year
- Detached and town home sold prices are higher than the same period last year.
In an 8/21/14 presentation at Capitol One headquarters in McLean noted economist, Dr. Stephen Fuller, director of George Mason University's Center For Regional Analysis said,
- "Increased federal spending spared Northern Virginia the full brunt of the recession, but now the government is cutting back and the local region is feeling the pinch".
- "It's now an albatross. It's not helping a bit".
It is Dr. Fuller's opinion
- "The private sector will have to build on the region's unique assets and drive the economy".
- "We need to expand our market and become more competitive".
"Inventories are up, causing buyers, uncertain about the economy, hesitate to purchase homes
"we've sort of reached the limit of what houses can sell for until the economy rejuvenates itself"
Doom and Gloom?
- The local economy has shown the signs of stagnation for almost a year, but prices have not declined
- Increased inventory means you have more prime properties available to you
It also means you need an experienced Prince William County real estate agent with more than three decades and over 1,500 completed transactions to be "on your team"
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
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.