WOODBRIDGE, VA. May 25, 2017-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 760 homes were sold in April 2017, an increase of 9.8 percent compared to April 2016 closed sales. The number of new pending decreased slightly by 1 percent year-over-year, from 1,044 pending to 1,030. Active listings fell again this month with 1,251 active listings in April, compared to 1,667 in 2016. New listings also fell significantly this month by 11 percent year-over-year, from 1,366 new listings to 1,215. The median sold price of homes continues to gain strength, increasing 3.3 percent to $346,150 as compared to last year ($334,950).
April Thomas, CEO of REALTOR® Association of Prince William states, "April home sales in Prince William County have illustrated a buyer's market. Buyer urgency continues to characterize the local residential market, as demand exceeds limited inventory and buyers are compelled to act on still advantageous rates."
According to the April 2017 Home Sales Report released by the Virginia REALTORS®, the statewide residential real estate market also indicates conditions increasingly favorable to sellers. Reflecting inventory constraints, year-over-year transactions remained static, but rising price and sharply declining average days on the market illustrate high demand and intense buyer motivation.
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