It’s a good time to sell a home. For buyers, there are fewer options on the market.
A total of 540 homes were sold in November 2019, an increase of 16.8% compared to November 2018. The number of new pending contracts increased by 11% year-over-year, from 554 pending to 615, the Prince William Association of Realtors told me.
New listings continued to see a decrease of 12.7 percent year-over-year, from 614 new listings to 536. And, there were considerably less active listings available this year with 747 active listings in November 2019, compared to 1,204 in 2018, it adds.
The median sold price of homes continued to strengthen in November, increasing 4.3 percent to $365,000 as compared to $350,000 last year.
“Buyers are competing for homes, paying closer to the asking price and getting fewer concessions,” said C.C. Bartholomew, associate broker for Keller Williams Solutions near Manassas.
But the good news isn’t all for sellers.
“It’s a great time for homeowners to sell and the most affordable time for buyers to purchase,” adds Bartholomew.
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