Archives September, 2009
Avery-Hess and The MatchMasters Bring Neighbors Together
Our very own Albert Crider and Judy Radvanyi (aka The MatchMasters®) will be holding an event this Saturday, October 3, 2009 to bring together members of the neighborhood and talk about local Real Estate. Attendees can also take advantage of free on-site paper shredding services and enter a drawing to win tickets to see the Washington Redskins.
The event will be held at the Avery-Hess office located at 2301 Gallows Road, Dunn Loring, VA 22072 this Saturday, October 3, 2009 from 12PM to 3PM.
For a more information and a complete list of discussion topics, please click to see the official press release and an event flyer.
For more information, contact Judy Radvanyi at 703-405-9456. Visit The MatchMasters® on the web at: www.thematchmasters.com.
Search for homes: www.averyhess.com
Springfield, VA Market Report – 9/30/09
Springfield, Virginia has long been a well-established area of Fairfax County. Situated near the confluence of I-395, I-495 and I-95 in what is called the Mixing Bowl, the area is popular among commuters. Aside from these Interstate Highways, Springfield also has easy access to the Fairfax County Parkway which is the major cross county road to the Dulles corridor and Loudoun County. In addition Metrorail, Amtrak and Virginia Railway Express all serve the area’s large population.
The following data reflects the market in Springfield:
- Active listings: 152
- New listings this month: 98
- Pending sales: 235
- Pending sales written this month: 40
- Sold this month: 66
Inventory continues to decline while buyer interest is growing, which is a dilemma that is confronting the entire region. Traditionally this would be encouraging news to sellers, but private sellers seem to be reluctant to enter the market because home values have declined. The number of bank properties has diminished so buyers are competing for the few good homes that are available. This truly is a great time for both buyers and sellers.
For buyers, interest rates remain low, prices have come down, and there is still time to take advantage of the $8,000 federal tax credit. For sellers, since inventory is low, competition is low. If you price your house appropriately and it is in relatively good marketable condition, you will most likely be rewarded with multiple offers–allowing you to realize a sales price that is higher than your asking price.
Winter is coming. Take advantage of all the right reasons to buy and sell.
Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com
City of Fredericksburg, VA Market Report – 9/29/09
The following table represents the market in the City of Fredericksburg, Virginia:
| Fredericksburg | Aug-09 | Aug-08 | % Change |
| New Listings | 28 | 49 | -42.9% |
| Closed Sales | 13 | 18 | -27.8% |
| Pending Sales | 22 | 16 | 37.5% |
| Median Price | $230,000 | $306,200 | -24.9% |
| Percent of Original Price | 95.5% | 90.0% | 6.1% |
| Average DOM | 114 | 92 | 23.9% |
| Single-Family Inventory | 122 | 144 | -15.3% |
| Townhouse/Condo | 28 | 40 | -30.0% |
As with most area localities, the City of Fredericksburg is showing a year-to-date increase in pending sales due to the number of short sales in various stages of negotiation. Though not reflected in the data above, there has been a year-to-date drop in sale price of about 28% that can be attributed to the number of foreclosure sales. However, sale prices in the historic district have decreased at a lesser rate.
The percent of original listing price received at sale is showing a steady increase, indicating a reduction in inventory and increase in buyer confidence. With all things considered, now is still a great time for move-up buyers to seize the opportunity to live in this charming, historic city.
Market data, commentary and statistics provided by Judi Jones, Managing Broker, Avery-Hess, Realtors
Search for homes in Fredericksburg, and all of the DC Metro: www.averyhess.com
Meet Our People – Mark Holyfield & Kristie Zimmerman
At Avery-Hess, our people are our most important asset. Learn more about two of our best, Mark Holyfield and Kristie Zimmerman of The Holyfield Team from our Lake Ridge, Virginia Regional Office:
Meet Avery-Hess – The Holyfield Team: Mark Holyfield and Kristie Zimmerman from Amit Kulkarni on Vimeo.
Search for homes and learn more about Avery-Hess: www.averyhess.com
Reston/Herndon, VA Market Report – 9/25/09
The following statistics represent the market conditions in Reston and Herndon, Virginia:
| Reston | Aug-09 | Aug-08 | % Change |
| Active listings | 352 | 453 | -22.3% |
| Homes sold | 104 | 84 | 23.8% |
| Average sales price | $413,492 | $386,858 | 6.9% |
| Average DOM | 51 | 82 | -37.8% |
Herndon |
Aug-09 |
Aug-08 |
% Change |
| Active listings | 342 | 553 | -38.2% |
| Homes sold | 119 | 123 | -3.3% |
| Average sales price | $410,897 | $362,073 | 13.5% |
| Average DOM | 57 | 94 | -39.4% |
There are two things that are definitely driving the market in both Reston and Herndon, and that is a shrinking inventory of active listings and the $8,000 federal tax credit available to buyers who have not owned a home in the last 3 years. The statistics in these two areas are very impressive. The lower priced inventory in both areas are driving a number of the statistics we see here. In fact, since there is now a shortage of foreclosures on the market, we should continue to see some impressive numbers for the rest of the year.
In Reston, we see a decrease of over 22% of active listings on the market and an impressive sales jump of 23%. Couple that with an almost 7% increase in average sales price and homes selling after an average of 51 days on the market (DOM), and the market looks like it’s almost back to normal. But just what is a normal market? A normal market consists of homes that are priced correctly and in good condition to sell within 30 or 60 days. A 37% drop in time spent on the market is definitely impressive and indeed a sign of the increased demand.
Herndon shows similar numbers, but with a couple of interesting differences. Days on market has come down to closely mirror Reston, just as the number of active listings has grown. However, the average sales price has increase 13.5%, a growth of almost twice that of Reston. The interesting statistic in Herndon is that sales actually went down 3.3% from the same time last year. This can simply be attributed to the lack of inventory on the market due to a lack of foreclosures coming onto the market now. This lack of inventory is one of the reasons for the increased sales prices as well.
Buyers are out and homes are selling! If I were thinking of selling my home, I would strongly consider getting my home on the market now,while inventory is low and the tax credit is still available.
Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Reston, Herndon, and all of the DC Metro: www.averyhess.com
Alexandria, VA Market Report – 9/25/09
The activity in the City of Alexandria parallels Arlington County. Both are close in proximity to Washington, DC with Metro Access.
- New listings: 241
- Pending sales: 179
- Closed sales: 168
- Average sales price: $436,273
- Average DOM: 66
August statistics for 2009 are consistent with those of the previous year. The average sales price is down by 6.5%, but the median sold price is up 3.25% reflecting a little more activity in the higher end properties. Meanwhile, the average days on market (DOM) dropped only 2%. There were 179 contracts approved, but 241 new listings replaced them in the active inventory. Condo sales accounted for half of the sales for the month.
Interest rates remain favorable as well, making conditions just right for buyers.
Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com
