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News for Bristow, VA - February 5th, 2014 2:21pm
The end of 2013 was an interesting one. The market has changed so much since this same time one year ago. The inventory is down across the board to surprising low levels. This has created some short term increases in property values and has spurred more new construction all over Northern Virginia. For those of you that remember 2004 and 2005, you will recount the lack of inventory and the increase in new construction. This caused property values to be pushed up and here is why.
When the inventory is down and there are limited homes available to purchase(granted it is still low at this time due to a large number of homes that are still under water) builders see an opportunity to develop new homes at a much higher level because the demand will be there to sell. When inventory gets to a point that there are multiple offers on homes when listed in very short periods of time, the public that misses out on homes due to their offers not being accepted, tend to look at new constru...
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National Market Conditions
2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
If you can qualify, now is an exceptional time to buy a home in Bristow. Call now for more information at 703-606-0628
Average Sold Home Price: $325,000

Average Time on Market: 10-30 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 10-15%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Very tight market

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Job Growth

Nearest Metro Area: Washington DC

Housing Hot Spots: Most cities within the Prince William County area are considered ’Housing Hotspots’

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Real Estate Professional, Jeffery Shumaker Jeffery Shumaker
RE/MAX Executives
Specializing in Bristow Real Estate
4000 Legato Road - #105
Fairfax, Virginia 22033
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(Because current market conditions can change rapidly in any given marketplace,
please check with Jeffery Shumaker for current Bristow, VA market conditions before acting on this information.)
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