Prince William County Virginia Real Estate: Goodbye Gloom and Doom...Hello Sunshine

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Keith M. Elliott Jr. a Realtor® with RE/MAX Olympic Realty in Haymarket, Virginia expresses his professional opinion on the current real estate market, as well as discusses the latest home sale statistics for Prince William County. Some of these real estate statistics just might surprise you.

Keith M. Elliott Jr. a Realtor® with RE/MAX Olympic Realty in Haymarket, VA

With a continuous stream of negative news battering us from so many different directions on a day to day basis...it's nice to know that the real estate market in Prince William County, Virginia is alive and well

Keith M. Elliott Jr. a Realtor® with RE/MAX Olympic Realty in Haymarket, Virginia expresses his professional opinion on the current real estate market, as well as discusses the latest home sale statistics for Prince William County. Some of these real estate statistics just might surprise you.

"With a continuous stream of negative news battering us from so many different directions on a day to day basis...it's nice to know that the real estate market in Prince William County, Virginia is alive and well," said Keith Elliott Jr. a Realtor® with RE/MAX Olympic Realty in Haymarket. "While it's true we still have a ways to go...our local market appears to be much healthier than other parts of the country," he added.

Let's look at recent statistics.

In November 2008, there were 3,919 homes on the market for sale in the county, 726 sold during that month, and 896 under contract. The total number of new listings taken for the month came in at 1,010 units. The Average Sale Price was $221,504 per unit - A stunning 36.82% drop in value compared to November of 2007 when the Average Sale Price was $350,589. The Average Days on Market in November per unit was 107 days compared with a 132 days in November 2007. Another interesting note, is that the total number of units Sold in November 2008 was 726 a dramatic 116.72% increase from November of the previous year. The monthly absorption rate based on these figures comes in at 5.39 months - Meaning, it would take 5.39 months to sell all of the current inventory at the same sales rate for this month if the market continued just as it is and the number of new listings remained constant.

Next, we examine the figures for December 2008.

In December of 2008, there were 3,596 homes on the market for sale in the county, 845 sold during that month, and 969 were under contract. A welcomed increase! We wanted to see the number of active listings drop compared to last month, as well as see a significant rise in the number of properties sold and units going under contract. This happened. A very positve sign indeed! The total number of new listings taken for the month came in at 925 units, again much lower than last month. The Average Sale Price dropped to $212,403 per unit - A devastating 39.25% drop in value compared to December of 2007 when the Average Sale Price was a whopping $349,634. The Average Days on Market in December was 108 days barely a blink more than last month and still considerably lower than 140 days experienced in December of 2007. Also, worth noting is that the total number of units Sold in December of 2008 was 845 a whopping 138.70% increase from December of 2007. Now, we look at the monthly absorption rate based on these figures and that comes in at 4.25 months - So, as you can see compared to last month...it would now only take 4.25 months to sell all of the current inventory at the same sales rate for this month if the market continued just as it is.

Lastly, we need to review the figures for January 2009.

In January 2009, there were 3,346 homes on the market, 647 sold during that month, and 987 under contract. The total number of new listings taken for the month also came in at 987 units. The Average Sale Price was $210,255 per unit - A significant 34.06% drop in value compared to January 2008 when the Average Sale Price was $318,859. The Average Days on Market in January dropped slightly from last month to 103 days compared with a 135 days in January 2008. The total number of units Sold in January 2009 was 647 a 107.37% increase from January 2008. The monthly absorption rate based on these figures comes in at 5.17 months...up slightly from 4.25 months in December 2008.

The emphasis here illustrates that while average home sale prices continue to drift somewhat lower in our county, the last three months indicate that these price differences are no longer as staggering as they were during the first nine months of 2008. Average Sale Price values have remained within a range of $10,000 or, so since September of 2008 hinting towards stabilization.

"While it would be terrific not only to see the existing housing inventory continue to decline...it would be far greater to see the Average Sale Price increase as well. Then we would have sales increasing as well as property values increasing too. But, unfortunately...we may be waiting a while to see that happen but, I do believe it will happen" Elliott said.

"I think the key here, is to understand that these numbers are not as bad as they could be...in actuality they are much better than what I originally anticipated," Elliott said. "I fully expected to see housing sales slow to a crawl over the winter months since this is typically one of the slowest periods of the year...however, these numbers show enormous strength. Just knowing that we went from having 17.16 months of inventory on the market in January 2008 to where we now have only 5.17 months is spectacular."

Elliott who represents both buyers and sellers added, "Homes are selling - there's no question about it. So, financing is available for those that qualify. And just to put the sales pace into proper perspective...some of these active listings are receiving as many as four or, five offers per week. A far cry from before when we might see one offer in four or, five weeks."

Elliott continued, "Many of the homes which are sold require significant repair to bring them up to 'move in ready' condition, so not only will local contractors and home improvement stores benefit from the additional business...but, also utility service providers like the gas, water, & electric companies will have new activations, retail stores might sell more home essential products, Home Owner Associations will no longer have to worry about vacant and neglected properties, and much needed tax revenue will be generated for the continued support of our area infrastructure (Police, Fire & Rescue, Schools, and County Government). I think it is very encouraging to see these homes sell...because that means more money is flowing back into our local economy and that is exactly what we need right now".

About Keith M. Elliott Jr.:
Mr. Elliott represents consumers, investors, and institutional clients in the purchase and sale of Prince William County Virginia real estate. He does this by carefully listening to your current needs and requirements and then helps you create an action plan to achieve your goals with the least expense and inconvenience to you in shortest time possible.

Contact Information:

Keith M. Elliott Jr.
Prince William County Real Estate Expert
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®
RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (703) 891-9490
Email: kelliott @ comcast.net
Website: ElliottForRealEstate.com
Blog: Active Rain Blog

Each RE/MAX office is Independently Owned and Operated. MLS Data provided by the Metropolitan Regional Information System. Information deemed reliable, but is not guaranteed. Copyright© 2004-2009 by ElliottForRealEstate.com, All Rights Reserved.

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