The local residential real estate market continued to heat up in May, with the number of sales in Prince William County and Manassas leaping 69% over May of 2007 according to MRIS. This makes four back-to-back months of increasing sales, and the fourth straight month where Prince William has outperformed all other jurisdictions in Northern Virginia. Here’s the regional breakdown:
Prince William and Manassas: +69%
This boom is particularly concentrated in areas that had previously seen substantial problems with residential overcrowding and (still) vacant properties. In zip code 20109, sales jumped 187%, in zip code 20111 sales jumped 182%. Over in Woodbridge, zip codes 22191 and 22193 both saw increases of 120%. As the quality of life in these areas continues to improve, it is driving significant interest from buyers looking to take advantage of affordable pricing and the revitalization of the community.
Prices continue to decrease, which indicates that there still is an oversupply of properties on the market, but new listings are starting to slip below the number of pending contracts which should stabilize prices in the near future. Whether the reported decrease in prices reflects a market where lower-value properties are the ones that are selling, or whether there’s an across the board markdown isn’t entirely clear, but what is clear is that the excess supply in the market is abating. With supply and demand coming more in line, this will have a positive effect on prices.
So much for the doom-and-gloom crowd’s warnings that efforts to improve the quality of life in our county would result in an economic disaster. Just how many more months of Prince William County outperforming the regional real estate market will it take before they acknowledge that their predictions were utterly wrong?
A report for April can be found here.
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