Whether you’re a numbers person or not, if you’re in the market to buy or sell a home, these numbers should interest you. This month I’m reporting on recent market statistics for Prince William County. I’ve got numbers for how many homes were sold and listed, the average sales price and more. Keep reading to put your finger on the pulse of the local real estate market.
This is the total number of houses, condos and townhomes sold. In August 2017, there were 689 units sold in Prince William County. This is down just a little bit from this time last year, as well as last month, but not enough to worry over. August isn’t the hottest month to purchase a new home. Well, it might be the hottest temperature-wise, but not popularity-wise.
This is the total number of homes available for purchase. In August 2017, the total was 14 percent lower than it was this time last year. The active inventory for August was 1,599. This is also 5 percent lower than July, which is again not surprising.
Median Sales Price
Just what is median sales price? This is the average amount that homes in a particular area are selling for. This August, the median sales price sat at $353,000. This is an increase over August 2016, when the median sales price was $338,000. This is great news and shows higher asking and paying prices! Interestingly, the current median sales price is 1 percent higher than in July, which could be attributed to the lower inventory level.
Months of Supply
Months of supply is exactly what is sounds like — the number of months’ worth of houses available for sale. This is figured by dividing the current inventory number by the average number of homes sold. For August in Prince William County, there was 2.3 months of inventory available. This remains in line with what was available this time last year.
Another one that’s pretty self-explanatory is new listings. This is very simply the number of newly listed homes that went on the market in a particular month. In August 2017, there were 882 homes listed. This is down slightly from August 2016, but not by much — only 2 percent.
Sale Price to List Price Ratio
This is an important one for buyers and sellers to keep an eye on. Sale price to list price ratio tells you how much above or below the asking prices homes are selling for. In August 2017, homes went for an impressive 99 percent ratio. This means sellers are, for the most part, getting their asking prices. This has held steady from last year, which is a great sign for our market.
If you have questions on other real estate stats, the buying or selling process, or staging, please contact me. I would love to help you dive into the market and experience our successful stats for yourself!
Looking to buy or sell a home in Gainesville, Haymarket and Manassas? Call Realtor® Marcia Goodman at Samson Properties at 703-819-4776.