Prince William County Market Analysis — July

The average sales price for existing single family homes in Prince William County surged in June to $350,964. It marked the first time since March of 2008 that the average resale price topped the $350,000 plateau, although prices had fluctuated just under $350,000 for much of last summer and fall. Haymarket led the way with an average price of nearly $541,000, while Gainesville and Bristow also outperformed the county average.

Although average sales prices in Manassas and Woodbridge were roughly $314,000 and $307,000, respectively, those price levels were anything but dismal news. In Manassas, the average represented a 3% rise over June of last year and a 19% jump since June of 2009. Compared with June of last year, prices in Woodbridge were up more than 9%, and they were 35% higher than in June of 2009. 

After climbing by 48% between January 2009 and June 2010, townhouse prices have struggled to maintain that momentum. Last month the average sales price of a townhouse in Prince William County stood 1% below the June 2010 apex. 

The conditions certainly seem right for further upward pressure on prices. Inventory remains extremely low with less than a three month supply of homes on the market. While not entirely behind us, the foreclosure mess has waned significantly and there are many fewer short sales on the market. In May of 2009, roughly 70% of all homes sold in the county were either foreclosures or short sales. Last month, just 30% of the sales were distressed properties.

Bristow Monthly Market Update — July

Prince William County Market Analysis — May

After four consecutive months of steep declines that resulted in a drop of 12 percent in the average sales price of a single family home in Prince William County, there was finally some good news in April. Last month single family home prices rebounded significantly, rising slightly more than 10 percent to $332,426. April’s average sales price was 3 percent higher than in April 2010, and 27 percent higher than in April 2009. Traditional sellers made up 58 percent of all closed transactions in April—the highest percentage since last November.

Due to the relatively small number of sales in any given community, the monthly average sales price can vary significantly from month to month. Even so, despite some wild swings the average single family sales price has risen 9 percent in Bristow over the past two years. Townhouse prices are up by 8 percent over the past two years despite falling 9 percent in the last twelve months.

While Woodbridge has seen the average single family sales price fall in six of the last twelve months, overall the increases have more than offset the decreases. The April average of $288,573 was 9 percent higher April 2010 and 45 percent higher than in April 2009. Similarly, the average townhouse price has risen by 3 percent over the past twelve months and 39 percent over the past two years. This positive performance can be chalked up almost entirely to the fact that in April 2009 foreclosures and short sales represented 78 percent of the closed transactions. Last month distressed sales accounted for just 39 percent of the completed transactions.

Fueled first by a wave of foreclosures that saw prices plummet followed by a wave of bargain hunting by investors and first-time home buyers, sales prices in Manassas mirror those inWoodbridge. In April 2009, the average sales price of a single family home inManassaswas $235,174. Last month the average price was $303,026, an increase of 29 percent. Last month’s average was 10 percent higher than April 2009. Townhouse owners have done even better with prices rising 55 percent since April 2009.

Between April and September of last year, the average sales price of a single family home in Gainesville rose by $100,000. Unfortunately, between September of last year and March of this year the average price fell by that same $100,000. With the April rebound, prices stood 7 percent above their April 2010 level. However, a sharp rise in townhouse prices last month failed to offset precipitous declines suffered in the previous four months, and the average stood 5 percent lower than in April 2010.

Haymarket proved to be a drag on the housing market with single family home prices 7 percent lower than in April 2010 and 21 percent lower than in September of last year. While much of the area has seen home prices rise over the past two years, the average single family home price has dropped by 14 percent since April 2009. Distressed sales constituted 52 percent of all sales in Haymarket last month.

Bristow Monthly Market Update — May

Ready To Move In Home – Sheffield Manor

 

8601 Rothbury Drive in Sheffield Manor
Bristow, VA 

 

Information on 8601 Rothbury Drive
List Price: $430,000
Bedrooms: 4
Baths: 3½
Finished square footage: 4,353
Finished Basement: Yes
Lot Size: .23 Acres

Our Thoughts
Situated on a ¼ acre corner lot, this beautifully maintained colonial home has great curb appeal, and that positive first impression is reinforced once you step through the front door.

Both the formal living and dining rooms are amply sized and feature tasteful draperies. There is a main-level office or library, and a large two-story family room with a ceiling fan and gas fireplace. The expansive eat-in kitchen has ceramic tile floors, loads of upgraded cabinets, a ceramic tile backsplash, a central island, and a sliding glass door that opens onto a large Trex deck.

There are four bedrooms and a laundry room on the second floor. The master bedroom has a vaulted ceiling with ceiling fan, a display shelf and a large walk-in closet. The master bath boasts dual sinks, a soaking tub with ceramic tile backsplash, and a separate shower. All three secondary bedrooms are quite large, and two have walk-in closets.

A 34’x16’ recreation room on the lower level offers more than enough room for a pool table, game table, widescreen TV and seating. There is also a full bathroom and a large room that could be used for exercise or a home theater.

To say this home is move-in ready is an understatement.

Comperable Properties
There are 5 other single family homes currently available in Sheffield Manor, ranging in price from $365,000 to $443,000 with the average list price of $423,000. This property is the largest available although all of the other listings have 5 bedrooms. In the past 30 days, two single family homes have sold for an average price of $398,500. These sold properties have remained on the market for an average of 21 days.

Brokered By: Long & Foster

♦♦♦ For additonal information on Sheffield Manor, click here. ♦♦♦