The Prince William County Real Estate Market Statistics for February 2021 are out!
Average Days on Market
As we’ve been saying for almost a year now, we have such low inventory that things are selling in a matter of days. My niche market is Bristow, Gainesville, Haymarket, Nokesville, and Manassas. Across all 5 cities, the average days on market was 8! Amazingly, there were 18 homes that never even made it to the market. These were either sold off market or were listed as coming soon and went under contract prior to going active. Only 14 houses took longer than 30 days to go under contract.
What is a seller subsidy? A seller subsidy represents the amount of money that the seller gives back to the buyer as a credit. It can be negotiated up front to pay for a portion of the buyer’s closing costs, or it can be negotiated during a contingency period such as for home inspection items. Of the sales in February, only 53 sellers in our area of Prince William County gave a seller subsidy. Of those subsidies, the median amount was $5,000. But if you’re a seller, don’t get too caught up on the subsidy. Instead, look at your net proceeds.
List to Sales Price Ratio
When looking at the list to sales price percentages, the median percentage is 101.77%. This means that most people are getting are getting more than they are even asking for their homes and that’s a result of the bidding wars we’ve been seeing. One seller listed for $545,000 and got $640,000. They gave a seller subsidy of $4,500 but that $4,500 seems inconsequential when you net $90,500 more than you expected. That’s why I say, don’t get hung up on the subsidy. It’s all about your net proceeds!
Do you have questions about how the Prince William County Real Estate Market Statistics for February 2021 affect you and your property? Give me a call at 703-297-1278 or shoot me an email at [email protected] I would also love to have you join on my Facebook business page!