The National Association of Realtors recently put out some new numbers. While the report was not specifically about northern Virginia – much less western Prince William County – it still contains some valuable information if you are preparing to buy or sell your home.
Among some of the numbers NAR released were:
- Existing-home price: the national median was $183,900 in September, up 11.3 percent from a year ago.
- Distressed homes – foreclosures and short sales accounted for 24 percent of September sales (13 percent were foreclosures and 11 percent were short sales), up from 22 percent in August and down from 30 percent in September 2011.
- Foreclosures sold for an average discount of 21 percent below market value in August.
- Short sales were discounted 13 percent below market value in August.
- Housing inventory at the end September fell 3.3 percent which represents a 5.9-month supply at the current sales pace, down from a 6.0-month supply in August. Listed inventory is 20.0 percent below a year ago when there was an 8.1-month supply.
- Time on market: the median was 70 days in September, unchanged from August, but down 30.7% from 101 days in September 2011.
- First-time buyers accounted for 32 percent of purchasers in September, compared with 31 percent in August; they were 32 percent in September 2011.
- All-cash sales were at 28 percent of transactions in September, up from 27 percent in August; they were 30 percent in September 2011.
- Investors, who account for most cash sales, purchased 18 percent of homes in September, unchanged from August; they were 19 percent in September 2011.
Fantastic information. of course, if you’d like to discuss the implications on selling your home, or buying a new one, do give us a call!
703-485-4663
