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Prince William Wild Appreciation

I was listening to The Kojo Namdi Show this week as they discussed immigration and was shocked to hear Corey Stewart, the Prince William County Chairman of the Board of Supervisors say that home values in the county will increase 27% this year.

Am I shocked they're going to be up that much? No, if you look at current market statistics they already look to be up that much year over year, maybe even more. The data supports his statement.

I've written a lot of offers in Prince William County over the last few months. Every single property we wrote an offer on has multiple offers. One had 12 offers, 9 of them cash. So, no, it doesn't shock me that prices are up that much.

I am shocked a politician is that well informed about our market.

I also continue to worry about that kind of jump in price right now. Those were the kind of crazy price increases we saw before the whole market went kablooie (that's a technical term). I am having trouble believing that this is an indication of a healthy market.

What do you think? Too much, too soon? Will we crash and burn again or are these prices just the proof that the market over-corrected?

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Prince William March Numbers

We're going to look at Prince William County statistics today.

Prince William is different than the other counties I look at here. Its numbers are better by far in almost every category. If you were only looking at Prince William you could be forgiven for thinking things had definitely turned around.

There are 5757 properties currently for sale. And, inventory is one of the few indicators that show the market headed in the wrong direction. Last month there were 5573 homes for sale. In March a year ago there were only 4527 homes available. 1631 new listings came on the market in March. Last month there were 1595. A year ago in March we saw 1764 new listings.

502 sales closed in March of this year. That's up 49% over last month! And, if we look a year ago, when 418 houses sold, we're up 20%. Again, year over year numbers are the more meaningful statistic.

Even better are the number of new contracts written. 820 new contracts were written in March of 2008 as opposed to 698 in February. That's a 17 percent jump. Again, I don't give that a lot of weight because things should be getting better. It's spring! But the really good news is that last year at this time there were only 508 sales. That's a whopping 61% year over year increase.

Now, here's why! Prices have dropped dramatically. The average sales price in March of this year was $299,586. The average sales price a year ago was $408,574. That's a price drop of 26%. Compare that the Fauquier County average sales price of $318K and you begin to see some of the reason homes aren't selling as well there. Do you want to commute those extra miles with gas prices headed towards $4 a gallon and traffic getting worse?

Also, keep in mind that one of the reasons prices have dropped faster there is the larger number of foreclosures. Banks will do what they need to do to get the houses sold and off their books.

The number of new construction listings is substantially down frm last year. The number of sales of new construction is relatively flat.

More than any other local county, there are signs of hope in Prince William County. Yes, the price drops are steep, but it's getting the market moving. Sellers in other counties should take note.

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Prince William County

Date: Nov. 1, 2007
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Prince William County, Virginia



Prince William county is a place feeling the tug of both its historic past and its vibrant future! The county is famous for its civil war battlefields. But the modern Prince William county is a place with a rapidly growing population that is one of the most diverse in the region. It is a place famous for one of the top rated high schools in the country. It takes in everything from those civil war battlefields to modern military bases, exciting urban environments and quiet suburban streets. You'll still find a few agricultural acreages tucked in here and there. And despite how fast the farmland is disappearing here, Prince William has one of the best county fairs in the area.

For more information, please visit Http://www.co.prince-william.va.us

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Manassas

Manassas, Virginia


Located in
bustling Prince William County, Manassas is a city in the midst of change. It has experienced rapid growth in the last several years, both in terms of number of residents and in new businesses moving to the area.

 

From a travel and commuting perspective, Manassas is well situated for commuting into Washington, D.C. on Route 66. AMTRAK train service is available directly to and from the Manassas Depot located in Old Town Manassas and Virginia Railway Express (VRE) offers commuter service to and from Washington, DC.

 

Old Town Manassas is enjoying a rebirth with the opening of trendy boutiques and excellent restaurants, while older building renovations have revealed the towns original charm. The surrounding area is teaming with the services and conveniences of nationally known restaurants and retailers and has its own mall with 4 anchor stores. The Manassas Regional Airport and Prince William Hospital are also located in town.


Although the city incorporated as recently as 1975, Manassas has a rich history. Ever since the 1700's, this area has consistently grown into what is now known as Prince William County. Manassas is famous for having the first major battle of the Civil War. At that time, Manassas Junction was little more than a railroad crossing, but a strategic one, with rails leading to Richmond, Virginia, Washington, DC, and the Shenandoah Valley. The crossroads grew into the town of Manassas following the war, and in 1892, it became the county seat of Prince William County. In 1975, Manassas became an independent city.


Manassas is an independent school district. There are five elementary schools in Manassas, one middle school, and one high school.

 

For more information visit Http://www.manassascity.org Prince William County, just 45 minutes outside of Washington, D.C., Manassas is a very desirable city. This area is currently going through a renaissance due to its great location and very strong economy. Residents and businesses alike both benefit from the close proximity of several large metropolitan areas, although still keeping the affordability of a smaller sized city. Manassas' ongoing growth and development have made it a very popular relocation destination. The business climate in Manassas is booming, while more people are relocating to this city daily.

 
Your search for a home in Manassas starts here with my MLS Search page.
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