Moving into the 3rd quarter of 2013, Prince William County, Virginia looks to be in strong shape overall. According to recent 2nd quarter data assembled by RBI, the total sold dollar volume was up 26.8% compared to the same period in 2012. That alone is great news for this historic and popular region. Listed as one of the 10 richest counties in the nation by Forbes, Prince William County is also trending upward in the number of closed sales. As of May, closed units were up 13.62% for a 12-month period and up an extremely robust 36.35% compared to the previous month.
If there is one market trend that is relatively flat heading into late summer months in Prince William County, it's actual closing numbers. While the median sales price rose 11.72% over a 12-month period, the month of May showed a very slight decrease followed by an even slighter increase of less than one percent during the month of June. Then again, the continuing upward trend of total units sold is more than making up for the leveling off of price increases. Also adding to the local market's overall strength is a shorter term on market and a continuing uptick on the average sold to original list ratio. In other words, even if the median sales price is flattening, buyers are still paying closer to list price than they were previously.
Similar to many of its neighboring counties in the Washington metropolitan area, real estate inventory in Prince William is noticeably lower than this time last year. The shrinking pool of active listings is especially weighted toward single-family detached homes. The inventory for townhouse listings is also dropping but at a much more gradual rate. While the overall existing active inventory has dropped by a sizable 36% year-over-year, the effect has been mitigated to some extent by a 15% rise in new listings. Still, it's easy to see that the averaging of new and existing listings still adds up to a decreased housing supply.
While there aren't nearly as many modestly-priced fixer-uppers as there were a year ago in Prince William County, they do exist. Communities such as Capitol Heights and Riverdale are known for entry-level older homes such as Victorians, Colonial and Craftsman-style cottages, often in need of restoration. Going hand-in-hand with that is the continuing trend of distressed properties – while there aren't as many bank-owned opportunities as there once were in Prince William, they are still a factor. Another continuing trend heading into the 3rd quarter of the year is a gain in new home starts, particularly in luxury homes. This mirrors an overall pattern for the Mid-Atlantic region. All in all, Prince William continues to post solid gains in the real estate sector while offering a diverse range of home styles and prices.
Andre Perez | District One Properties LLC | Realtor/Agent/Owner
1305 Leslie Ave, Alkexandria, VA 22301