How’s the Woodbridge, VA Market?!?!

    When anyone finds out that I'm a Realtor the first question they always ask is "how's the market?" Regardless of if you are a buyer, seller or a homeowner, just about EVERYONE wants to know what's going on in the market. And I'm here to answer just that question. The Prince William County market has definitely changed since last year and I want to tell you how… The information I'm about to share with you is according to Long & Foster Market Minute statistics, they made the May statistics available and I'm here to share them!

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  Homes Sold-641
  Homes Sold are down by 19% vs. a year ago
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  Active Inventory- 1,474
  Homes currently on the market for sale are down by 41% vs. a year ago
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  Median Sales Price- $245,000
  The median Sales Price of homes is up by 15% vs. a year ago
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  Days On Market-26
  How long a home's sites on the market also known as "Days On Market" is down by 50% vs. a year ago
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  New Listings- 816
  How many new listings that are on the market is down by 21% vs. a year ago
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  Current Contracts- 666
  How many homes that are under contract is down by 20% vs. a year ago
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  Sold Vs. List Price- 99.5%
  How much a home sold for compared to how much is was listed for is up by 1%
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  Months of Supply- 2.3
  Now..what these numbers tell me is that Home prices are on the rise and have been since the beginning of 2010...But Why?  According to the numbers, I believe the 2 main reasons are inventory volume and foreclosure rate.  Like it says, homes currently on the market is down by more than 41%.  What these means is that more people are bidding against each other, which is haveing a ripple effect on surronding homes and increasing their market value.  Its kind of like there is a huge sale for some designer shoes and there is only one pair left, but there is 50 customers that want that last pair of shoes.......But why is there such a low inventory of homes.  Because most homes in the previous year that were being listed were foreclosed homes.  With the government slowing down the process of people getting foreclosed on, there are less houses going on the market which is causing a high demand for homes that are on the market and increasing there value..for now.
  
  
  As I said before, just about EVERYONE wants to know what's going on in the market and these statistics should definitely help to give you a clearer picture!
                  
                  PLEASE LEAVE YOUR COMMENTS BELOW; I WOULD LOVE TO HEAR FROM YOU!
                  Go to http://www.shanellrobinson.lnf.com/ to view my office listings, search for homes and MUCH more!
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