Scientist around the world are studying the phenomena of global warming and wondering why the temperature around the world is rising. Perhaps they should take a look at the meteoric fall of prices in Prince William County leaving the county the hottest real estate market in Northern Virginia.
Even though the press likes to focus on the negative on aspects of the market the buyers who are out today are not flip and run investors. It is also interesting to notice the distribution of price ranges. The majority of the sales aren’t at the lowest price point of available homes but closer to the mid-point of prices.
Sales over $500,000 are still happening and the majority of the homes sold in this price range are the newer homes in the western Prince William County cities of Bristow, Gainesville and Haymarket.
The price volume of sales is up 22.5% from the same time in 2007 and the number of homes sold is up 95.5%. This is as always tempered with the fact that average sold price is down 37.3%. The majority of new loans used to purchase properties were FHA and VA and there were 52 all cash transactions recorded in the MLS as well.
The sales numbers this fall are going to be the one that we are going to be looking be paying close attention to. With the changes in the FHA loan programs, the elimination of the down payment assistance programs and how first time buyers view the $7500 tax credit will begin to be reflected in our sales in late September and October.
For now buyers who have been sitting on the fence have an opportunity to make a grab for homeownership in an area that is offering some of the best values in Northern Virginia.