REALTOR® Association of Prince William (PWAR) has gathered Prince William County’s most recent market statistics, generated by SmartCharts, an affiliate website of Real Estate Business Intelligence (RBI). The market statistics are gathered through data provided by the Metropolitan Regional Information System (MRIS), which serves as the multiple listing service for Prince William County.
A total of 818 homes were sold in August 2018, an increase of 6.5 percent compared to August 2017 closed sales. The number of new pending decreased by 4.3 percent also year-over-year, from 739 pending to 707. New listings saw an increase of 5.6 percent year-over-year, from 984 new listings in 2017 to 1,039 in 2018. There were slightly more active listings available this year with 1,520 active listings in August 2018, compared to 1,514 in 2017. The median sold price of homes continued to strengthen in July, increasing 2.0 percent to $353,500 as compared to last year ($346,450).
According to the National Association of REALTORS® August 2018 Existing Home Sales Statistics, existing-home sales remained steady in August after four straight months of decline. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market. “While inventory continues to show modest year over year gains, it is still far from a healthy level and new home construction is not keeping up to satisfy demand,” said Lawrence Yun, NAR chief economist. “Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales.”