Inventory is down, does that surprise you?
Take a look around your neighborhood. How many homes do you see for sale? Not that many, I’m sure. That's because sales are up amd the inventory is down.
In Prince William County, Manassas and Manassas Park there are a total of 1,267 homes for sale as of May 24.
This included new construction homes. Out of the 1,267 homes for sale, 6.4 percent are foreclosures and 10.5 percent are short sales.
Homes that are priced close to what the market is willing to bear are selling in less than 30 days and many are seeing multiple offers.
This is truly a Sellers market. Yes, I said a sellers market. In the last 30 days there have been 595 homes that sold and settled.
What that equates to is approximately two months of inventory. Any time you have sales up and inventory is less than a four months supply you will have a sellers market.
Nationally RealtorMag says,"inventory of for-sale single-family homes, condos, townhouses, and co-ops dropped by 18.85 percent in April compared to a year ago, according to housing data of 146 metro markets tracked by REALTOR.com."
April 2012 Real Estate Market update for Bristow, VA 20136
The graph was provided by RealEstate Business Intelligence
Have a great day and thanks for taking the time to read my blog!
Have a real estate question or suggestion for a blogg? Send me an email at Home4Sale@mris.com
Susan Jacobs-The Jacobs Team
Prince William Chamber of Commerce "Member of the Year 2011"
"Your PrinceWilliamExpert for over 20 years. Let Us Put Our Expertise to work for You."
Licensed Real Estate Broker in the Commonwealth of Virginia.