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.

Gainesville 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.

Gainesville Monthly Market Update — May

Gainesville Monthly Market Update