Waiting For Real Estate Prices To Bottom Out?

By
Real Estate Agent with RE/MAX Real Estate Connections
http://actvra.in/JKz
They Have - The Real Estate Inventory Shortage In Prince William County Is Having A Direct Impact On Price


I subscribe to interactive graphs from our MLS that offer me a broad range of statistical information - I am not at liberty to alter the numbers to suit my purposes.

The first chart shows the median sold price for all home types across all price ranges over the past 12 months throughout Prince William County. It was $254,500 in September 2011 and has risen steadily to $275,500 in August 2012 - an 8% increase!!. The dollar average is not the issue as everyone understands there is a wide range of prices in Prince William County.

Yes, there are areas where the percentage increase may be incorrect, but the overwhelming evidence supports an upward trend is in motion in Prince William County.




This second chart measures available inventory levels of six price points across all home types (condos, detached and town homes). Every single one of them is showing an inventory decline over the past 12 months.

The largest is 35% in the $200 to $300K price range while the lowest is 16% in the $400 to $500K range.



Interest rates are at historically low levels - there could not be a better time to purchase a home as an investment in addition o the flexibility of decorating and life style opportunities that home ownership offers.

You will be best served by a REALTOR® with the tools and experience to guide you through the process. The Kruschkas are long term Prince William County residents with 36 years experience as real estate brokers serving Woodbridge, Manassas, Dumfries, Manassas Park, Bristow, Brentsville, Gainesville and Haymarket.

Experience Isn’t Expensive – It’s PRICELESS

If you plan to buy a Prince William County home or property contact Karen and Art by Email or call us at 703-499-9279. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.

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Popular Prince William County homes include Eagles Pointe, Wellington, River Falls, Saratoga Hunt, Potomac Club, Winding Creek, Hope Hill Crossing, Lake Ridge, Westridge, Old Bridge Estates, Brittany, Montclair, Ashland, Port Potomac, Rollingwood Village, Lake Terrapin, Lake Side and Meadowbrook Woods

Prince William County

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Show All Comments
Rainmaker
291,512
John Mayer
Oikos Realty, Cape Canaveral, Cocoa Beach Florida - Cocoa Beach, FL
Your Beach Area Expert

Wonderful information Karen. We all need an upturn!

October 08, 2012 08:48 AM #11
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1,462,677
Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

John  I sincererly hope it is a national trend

October 08, 2012 09:04 AM #12
Rainmaker
692,970
Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Right on Kruschkas. Indeed! Great news for sellers who have taken a beating from 2006-2009.

Buyer's challenges have increased due to the sparse inventory but few want to buy into a falling market. With interest rates at almost laughable levels....(our first house was 13% in 1979...our second was 16%)...3.25% the rent vs buy ratio is skewing toward buy no?

October 08, 2012 10:09 AM #13
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1,462,677
Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Steve  We were licensed in1976 when the high rates started - believe it really didn't kill the market

October 08, 2012 10:14 AM #14
Rainmaker
999,138
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
Karen, I've read several posts about the Virginia real estate market and Northern Virginia especially. All the reports have been very, very positive...hope your success continues and the rest of the country follows your lead.
October 08, 2012 08:37 PM #15
Rainmaker
1,880,792
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Glad to read that your marekt is improving. It is a good time to buy  a home.

October 09, 2012 04:19 AM #16
Rainmaker
1,821,922
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sooner, more often than later, a shortage of supply means increased demand and the prices will go up.

October 09, 2012 04:21 AM #17
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Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Nick  We are all together on that hope

October 09, 2012 07:14 AM #18
Ambassador
1,462,677
Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Gita  We wish the same for all of the country

October 09, 2012 07:15 AM #19
Ambassador
1,462,677
Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Gabe  Very, very true

October 09, 2012 07:16 AM #20
Rainmaker
426,846
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

Really like the way you used the graphs. I am a new subscriber and we have only had this for a few months, but I am excited about the visuals! Great job on showing your improving market.

October 09, 2012 11:11 AM #21
Ambassador
1,462,677
Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Dick and Dixie  You will enjoy the subscription and its' results

October 09, 2012 11:14 AM #22
Rainmaker
1,395,579
Rebecca Gaujot, Realtor®
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Hi Karen, I hope the market continues upward and here as well.

October 09, 2012 03:30 PM #23
Rainmaker
462,342
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - West Lafayette, IN
West Lafayette homes for sale

Karen, your market is showing a positive trend of upward median prices and declining inventory over the past year.  Declining supply leads to increased prices and your Prince William County market is showing it!

Good to see someone getting their money's worth (those great graphs) with their local MLS Board!  ^_~

October 09, 2012 07:30 PM #24
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Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Rebecca  I'm with you on that thought

October 10, 2012 04:31 AM #25
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Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Bruce  The trend is encouraging.  Yes, our MLS is way ahead of the cutve

October 10, 2012 04:33 AM #26
Rainmaker
1,952,791
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Excellent report, Karen.  Many home buyers are shocked to find themselves in multiple contract competition.

Have a great day and an outstanding week.


October 10, 2012 07:23 AM #27
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Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Roy  Thank you  - these graphs are really effective tools

October 10, 2012 10:24 AM #28
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838,806
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Karen, we're experiencing the same thing! I can't believe people are still waiting when the next thing to go up will be the interest rates!

October 10, 2012 03:13 PM #29
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Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Connie  I think the economy is causing them to be cautious

October 10, 2012 04:21 PM #30
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Karen Kruschka

- "My Experience Isn't Expensive - It's PRICELESS"
Call Me At 703-499-9279 To Buy Or Sell A Home
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