For February, the sold units remain at very low levels. This shortage of inventory is having a positive impact on time on the market as well as pricing. Below are the statistics from MRIS, the local MLS system.
The volume of sales in Prince William fell by 26% from the prior February.
The average sold price rose 24.9% from $195K to $215K, suggesting both an improvement in competition as well as condition of the types of homes currently being sold.
The average days on the market decreased by over 40% in the past year. In 2009 it was 93 days, this February it has sunk to 44 days. It was back in 2005 when we last saw such quick sales. Home sellers are seeing multiple contracts on well priced homes.
Sellers received 100% of their sales price as a result this month. This does not, of course account for seller concessions which seem to be pretty standard in today’s marketplace. It seems to be an outstanding time to make a move if you have equity or even if you need to short sale and get out of an unsustainable debt. The question still remains about how the local area will respond to the expiration of the Federal tax credits at the end of April.
Jim Evans
Prudential Carruthers Realtors
Homes in Northern Virginia Meet the Team What’s my Home worth?
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