New Listings Still on the Rise, Sold Listings Decline in Haymarket, Gainesville & Bristow Area ~
As winter approaches and the holidays near, we generally see a slow down in the real estate market. In my last report I noted that during the spring and into the summer months we saw both a surge in new listings as well as a decrease in overall homes sales. Yet, overall prices still rose or maintained.
In the region, with the exception of Haymarket, we are still seeing an increase in new listings compared to this time last year. Prince William County had an +8.6% increase in new listings in October compared to last October; Bristow +15.5% and Gainesville +14.3%. Things did slow down in Haymarket with a decrease of -9.4% compared to last October.
Furthermore, we are still seeing a decrease in home sales, or sold listings. Prince William County had a decrease of -5.8% over last October; Bristow -12.2%, Gainesville -11.9% and Haymarket had a -28.2% decrease in homes sales in October 2014 compared to October 2013.
So, the question remains: how are selling prices doing? Well, it looks like the median sold prices are fluctuating in different directions—up and down—depending on the town and even the subdivision we’re looking at.
We’ll start with Haymarket. In October 2014 there was a -15.5% decrease in the median sold price compared to last October. However, narrowing in on Piedmont, there was a +33.8% increase. Keep in mind that this is based on just two sales and the median sold price was $762,500. Note that last October in Piedmont there were five sales and the median sold price was $570,000. In Dominion Valley there were also just two sales this October while last October there were eleven! The median sold price is Dominion Valley for October was $604,580 and last October it was $580,000.
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Gainesville seems to be maintaining well. Overall there was a +0.3% increase in the median sold price during the same time period. Lake Manassas is doing well on all fronts. There were four sold properties in October 2014 compared to two last October and the median sold price was $736,000 compared to $520,000 last October—a +41.5% increase.
Bristow is also maintaining in home sale prices with a +2.4% increase over last October. Kingsbrooke had the most sales in October (four) however the median sold price dropped from $457,500 to $336,500.
Looking at luxury home sales there is one interesting statistic to point out. In October there was a substantial increase of home sales in the $600K to $799,999 price range in Gainesville. There were seven sales in this range in October 2014 compared to only one last October 2013. Luxury homes are selling.
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Haymarket Homeowner Newsletter
See this article in the November/December 2014 issue of Haymarket Homeowner – a 12 page newsletter that mails to 4000 upscale+ households in Haymarket, Gainesville and Bristow. Learn more.