Real Estate Market Summary for Prince William County, VA

Real Estate Market Summary for Prince William County, VA

Here’s what the real estate market in Prince William County looks like based on the statistics through the end of January 2013.

The amount of Closed Sales came in at 353 which is up 6.6% from January 2012, the Median Sold Price is $247.000 which is up 10.9% from January 2012, and the Average Days On The Market (DOM) is 56 which is down from 70 in January 2012. So far, all good news for buyers and sellers.

The amount of Active Listings comes in at 801 which is much lower than our 5 year January average of 1,376. The amount of New Listings is at 570, down from 645 in January 2012 or -11.6%. This means the inventory in the county is still pretty low. For sellers, this can give you a stronger negotiating position and for Buyers, when you find the right one, don’t hesitate to put in that offer or it might be gone.

Once consistent statistic is the Average Sold Price verse the Original List Price Ratio. This ratio gives buyers an idea of how much they can expect to pay for a home once they submit and negotiate an offer. Sellers often use this ratio as one factor in determining their home’s market value. Currently that ratio comes in at 97% so this means you can expect the final price negotiated to be settled at 97% of the Original List Price. This ratio is slightly stronger than our 5 year Janaury average of 96.3%.

If you have questions or need some advice regarding your specific situation please use the links on the home page to contact me. That wraps up the Real Estate Market Summary for Prince William County, VA. We are off to a good start in 2013 and expect it to grow better throughout the year!