Johnny "Culdesac" Yankoviak

Average sold home prices rose again here in Prince William County, Virginia, a suburb of Washington, D.C. This was the 4th month in a row of rising prices, in a county long considered key in the national housing recovery.

In March, the average sold price in the county was $210,000. In April that figure rose to $213,045, and in May it rocketed to $238,231.

Pent up demand, and an $8,000 tax credit pushed prices to within 84% of 2008 levels, while average days on market shrunk from 128 in 2008, to 78 in 2009. Homes currently "under contract" rivaled this time in 2004.

There were 753 total home units sold in June, with 441 being financed FHA and VA. 161 were conventional loans, and 114 were cash deals. 33 were "assumption loans", while 4 were marked "other".

Total "active" listings were down from 3,079 in March to 2,792 in May. Out of those 2,792, 1,107 were "under contract".

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The city of Manassas Park, Virginia stunned by a rash of foreclosure's 12 and 18 month's ago, saw average home sale prices surge 9% in one month. Average sold home prices rose to $147,355 in March, from $131,924 in February.

Total units sold jumped 100% over this time last year, rising from 25 units in March 2008, to 50 units in March 2009. Average days on market decreased 32% from 110 this time last year to 75 this year.

Prince William County saw similar gains with the average home sold price increasing to $210,060 in March, from $204,378 in February. Total units sold were up 49% from 502 this time last year, to 750 in March 2009.

In the City of Manassas, Virginia, total units sold rose 64%, year over year, and "active" listings were disappearing rapidly, as 1 out of every 1.9 were currently under contract.

Lower prices and interest rates, combined with the first time home buyer's tax credit contributed to the sales increases in all 3 jurisdictions.

Yes, after 3 years of severely declining home sale prices, Prince William County, VA has stabilized. Prince William County is a suburb 30 miles west of Washington, DC. And the Cities of Manassas and Manassas Park have seen price increases of 6-10% over last month.

The average home sale price in the county for January was $210,255, compared to $212,403 in December. Home sales were up 107% over this time last year, rising from 312 in January 2008, to 647 in January 2009.

In the City of Manassas, the average home sale price jumped from $143,798 in December to $152,947 in January, a 6% gain. Year over year home sales were up 129%, from 31 in January 2008, to 71 in January 2009.

Manassas Park had even higher gains, with an average sold price up from $140,215 in December to $155,275 in January, a rise of 10%. And year over year sales increased 141%, from 17 in January 2008 to 41 in January 2009. Currently 1 out of 2.88 listing's in Manassas Park are "under contract".

Low prices and interest rates, combined with 96% employment are credited for the gains.

That's right! Low prices, interest rates,and unemployment have made Northern Virginia, and in particular Prince William County one of The Association of Foreign Investors, and Forbes Magazine's best buy's for 2009.

Total unit sales in December '08 were 996, in PWC, compared with 408 total sales for the same period last year. Fairfax County's total unit sales for Dec. '08 were 1,150, compared to 842 from the same time last year. And Loudoun County had an increase of 18.60% or 389 units this December, compared with 328 last year.

Low prices, interest rates, unemployment, and a lack of demand volatility were given by NBC4 as reasons for the increase. It also doesn't hurt that a new energetic President seems to be getting people "fired up".

Johnny

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