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June Real Estate Statistics
The final numbers for June activity are out. And, there's a lot of good news out there!
I always look at Year-over_Year (YOY) numbers. It doesn't make much sense to tell you excitedly that June's numbers are much better than May's if that's true every year! But YOY numbers tell a truer story.
The number of homes for sale, or inventory levels, are down substantially from 2007. In June of 2007 there were 865 homes for sale. Now there are 753. A 13% reduction in inventory is nothing to sneeze at!
The news isn't quite as good for sales in June and the number of contracts written. It's pretty stable with 65 sold a year ago and 67 sold in June of 2008. There were 65 contracts written in June of 2007 and 61 written this year in June.
One of the other numbers that give us good news is the number of new listings coming on the market. There were 171 a year ago vs. 128 now. I'd love to see this number below the number of solds, but at least we're headed in the right direction.
It's worth noting that while the Fauquier numbers were strong, the Prince William county numbers were exceptional! Gas prices are definitely impacting us. At $4/gallon a commute from Prince William county definitely is more appealing to many families.
By any measure you look at, the prices are of homes in Fauquier county are still falling. The average sold price is down 17% YOY. The average sales price as a percentage of list price is at 85% down from 90% a year ago. And despite this good news, prices are likely to continue to fall.
My hope is that we will see a stabilization in terms of inventory levels. I think there's reason for optimism in that area. Beyond that, I remain cautious about the short term outlook here in Fauquier.
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