Real estate represents a consistent and stable way to build wealth, brings liquidity to our
housing market, and stimulates our local economy. In fact, in the past year, investment and second-home properties represented approximately 27% of all residential sales. It’s also worth noting that nationwide, 43% of real estate investors earned less than $75,000 per year.

Today, real estate is quite literally on sale! There is an unprecedented opportunity to build wealth through real estate, and I specialize in helping all investors achieve their goals. Contact me today to learn more about investing in real estate.

 – Dwight

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.

Although there have been several major retrenchments along the way, the average sales price of existing single family homes in Fairfax County has risen by a robust 37% since January, 2009. In fact, fueled by the federal government’s home buyer tax credits all of that gain was achieved in just 18 months, and for the past year the market has been struggling to maintain the price point it reached in July of 2010. 

TheFairfax market took a sizeable dip in the two months immediately following the end of the home buyer tax credits last summer before rebounding nicely in the fourth quarter of last year. During the first quarter of this year the market plunged again, but it has made steady, strong gains in each of the past three months, and now the average sales price stands roughly where it stood last July. 

Townhome prices in the county have followed much the same pattern. Between January of 2009 and July of 2010, the average sales price rose by 25%. Following the end of the tax credit, prices dropped for five the next six months. However, prices have now risen for five consecutive months and in the process have shot past the level recorded during the last days of the tax credit buying frenzy. 

As in Prince William County, conditions in Fairfax 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 Fairfaxwas not hurt as badly as Prince William by the  foreclosure mess there are many fewer now than there were just 18 months ago. In January of 2010, roughly 40% of all homes sold in the county were either foreclosures or short sales. Last month, just 14% of the sales were distressed properties.

Driven in large part by federal home buyer tax credits, the average sales price of existing single family homes in Loudoun County rose from $438,845 in January of 2009 to $552,274 in July 2010, an increase of 26% in just 19 months. During that 19-month run, prices rose in all but five months. However, since last July the market has struggled to maintain and extend its momentum. 

During the six months immediately following the end of the tax subsidies, single family home prices fell by 14%, wiping out $75,000 worth of hard-fought gains. However, home prices have risen in four of the past five months and have regained most of the losses suffered during the second half of last year. In June, the average sales price was back up to $540,631. 

Townhouse prices in the county have followed much the same pattern. Between January of 2009 and June of 2010 the average sales price rose from $228,946 to $313,812, an increase of 37%.  By January of this year the average price had retrenched to $268,582, but a strong spring market has recouped virtually all of that loss. Last month the average townhouse sales price was $311,392. 

That strong spring market has reduced housing inventory from a five-month supply in January to its current three-month supply. As recently as January, 43% of the homes sold in the county were either foreclosures or short sales. Last month, just 24% of the sales were distressed properties.