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Meteoric Fall in Prices Leads to Scorching Summer Sales

Meteor ShowerScientist 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.

 

Price

Detached/TH

Condos

$80,000-$89,999

11

0

$90,000-$99,999

19

3

$100,000-$119,999

27

0

$120,000-$139,999

57

2

$140,000-$159,999

82

3

$160,000-$179,999

77

3

$180,000-$199,999

72

2

$200,000-$249,999

130

7

$250,000-$299,999

86

2

$300,000-$399,999

160

2

$400,000-$499,999

69

2

Over $500,000

38

1


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.

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To learn more about Prince William County foreclosures or Prince William County real estate give Cindy Jones a call at 703-346-2213. If you are interested in Northern Virginia real estate including Alexandria, Fairfax County, Loudoun County or Prince William County. Stop by VaRealEstateTalk, Cindy Jones Homes or Military Relocation News for more information. Search all homes available in the Northern Virginia area.

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If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Comment balloon 8 commentsCindy Jones • August 14 2008 08:05AM

Comments

Cindy, I was at my bank yesterday and got to talking real estate with the tellers.  They asked where some of the best values are today and I told them Woodbridge and some other parts of Prince William County where prices have dropped greatly.  One of the tellers said "I live in Woodbridge.  Maybe I should think about buying."  That's when I handed him my card.

Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago

Cindy, you must be having a field day our there!  It really is a great buyer's market!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 10 years ago

Brian-hope it will be a great lead for you.  I'm out in a little while with a new buyer and I found two "gems" that I'm surprised no one has snapped up yet. 

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) about 10 years ago

Patricia-I'm not complaining about the year I'm having.  I think buyers who are in this market for the long term will do well.  We've weathered storms before.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) about 10 years ago

Cindy,

That's intriguing that most sales over there are around the mid-point of prices. Here in Vegas the lower end of the market is picking up nicely and the rest is just dragging along.

Posted by Esko Kiuru about 10 years ago

Esko-  Some of the best baragins and more desireable locations are in this price point so it makes sense.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) about 10 years ago

Cindy:

It has been reported in many parts of the country that drops in price has now increased the sales volume. I also notice the FHA loans have played an important part.  My understanding is FHA inspections are not as hard as they were sometime back and they will do 3% down.

It's back to the old days. When I first came into the business in the mid 70's I did FHA loans. Our area is very high priced(Bergen County New Jersey), however FHA is now being used again by us in many areas.

Richard

 

Posted by Richard Stabile, Bergen County New Homes Builder Realtor (Re/Max Real Estate Limited) about 10 years ago

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Sunny San Diego!

Posted by Paul Gapski, 619-504-8999,#1 Resource SD Relo (Berkshire Hathaway / Prudential Ca Realty) over 6 years ago

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