With a warmer than normal winter, the spring market has gotten off to an early start. The early months’ statistics are pointing to a successful year in real estate for our area. With high levels of sales, we’ve got good reason to feel optimistic!
Prince William County Statistics in the Past 30 Days
We have a healthy and active real estate market in our area! There were 527 homes sold in Prince William County in the month of March. We achieved the highest number of new listings since July of 2016 with a median sales price hovering around $335,000. Prince William County sales rose 2.7 percent in March with a total of 495 homes sold. This is the highest we’ve seen in our area in the past three months. On top of this, our area is seeing low inventory levels, with only about two months’ of inventory listed. Low inventory paired with low interest rates, despite the Fed’s recent increase, make it quite the seller’s market in PWC!
What Does It Mean When It’s a Seller’s Market?
We often hear the market referred to as being either a buyer’s or a seller’s market. With Prince William County being a seller’s market now, let’s get into the nitty gritty of what that really means. As I mentioned above, there is a pretty low inventory in our area right now. However, there are plenty of buyers out there searching. When you’ve got more buyers than homes for sale, you’ve got a seller’s market. (It’s a buyer’s market when the market is saturated with homes and there are fewer folks looking to buy.)
So what factors make the market shift? The factors that generally create a seller’s market are sustained low interest rates, higher employment rates and governmental changes that make it easier to purchase a home or make it sound like a good time to do so. When it’s a seller’s market, the sellers have the edge. Home prices are generally higher, properties move quickly and buyers often compete for the property, causing the purchase prices to go even higher.
There is a technical figure we use to determine the type of market we are seeing, and that’s called the Sales-to-Listing ratio. In any given month, or set period, you compare the number of sales to the number of listings. If the result is 55 percent or more, it’s considered a seller’s market. If it’s 35 percent or lower, the favor is with the buyers. As a realtor, it’s my job to know what kind of market I am working in and advise you accordingly. I stay on top of the market statistics and changes so I can always provide the latest information and the best advice.
It’s Time to Sell!
If you’ve been thinking about selling your home, now is a great time! Inventory is low and the buyers are out there! Give me a call, and we can get started as soon as you’re ready. I’ll conduct a Comparative Market Analysis to help you determine the best price. And when you list with me, I stage for free using your furniture. One less thing to mark off your to-do list, and one more way to make your home stand out from the rest! Let’s get started today!