Ashburn, VA Market Report – 9/24/09

The following report reflects the market in Ashburn, Virginia:

• Homes for sale: 406
• Homes sold: 123
• Median sales price: $410,726
• Average days on market: 46

Ashburn is a popular community of newer homes with many community amenities. It is located near many growing employment corridors, including the Dulles Technology corridor, as well as Route 28, Tysons Corner, and Leesburg.

Homes for sale were down to 406 from 440 last month. Home sales held steady, 123 compared to 121 last month, which signifies a stabilizing market. Though median sales price was down to $410,726 versus the previous month’s $473,226, the average days on market of homes sold is only 46, down from an average of 60 days last month.

Low interest rates combined with the lower median sales prices in Ashburn has made this a very popular community, especially with buyers seeking to settle before the November 30 deadline to take advantage of the Federal Housing Tax Credit for first-time home buyers.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Ashburn, and all of the DC Metro: www.averyhess.com

Spotsylvania County, VA Market Report – 9/23/09

The statistics below represent the real estate market in Spotsylvania County, Virginia:

• New Listings: 273
• Closed Sales: 148
• Pending Sales: 212
• Median Sale Price: $189,500
• Average Days on Market: 76
• Percent of List Price Received at Sale: 96.2%

Although the number of new listings as compared to the same month a year ago is down 8.7%, the number of pending sales is up by 42.6%. This increase is partly due to the number of shot sales awaiting approval, but also reflects a more active market in re-sales and new homes.

The percentage of list price received at sale has also increased from 91.2% in August 2008 to 96.2% this year. This is indicative of more competition at entry level prices and a shrinking inventory of homes for sale. In fact, single-family detached homes are currently at 636–down from a high of 1,132 last year–a 43.8% reduction.

With more buyers deciding to enter the market and with the clock ticking on the $8,000 federal tax credit for first-time buyers, we can probably expect to see that percent of list price move upward. Also expect the beginning of a stabilization or even reversal of the downward trend in sales price.

What the stats don’t show is the increase in multiple offers on well-priced properties.  We are finding that if a property is priced right, in almost all price ranges, a buyer will probably be found within 90 days or less.

Market data and commentary provided by Judi Jones, Managing Broker, Avery-Hess, Realtors

Search for homes in Spotsylvania, and all of the DC Metro: www.averyhess.com

Arlington County, VA Market Report – 9/22/09

The August Metropolitan Regional Information Systems (MRIS) statistics have been reported for Arlington County, Virginia with no major surprises in the market condition:

• New Listings: 285
• Pending Sales: 242
• Closed Sales: 214
• Average Sales Price: $ 537,120
• Average DOM: 71

As previously noted, Arlington County has not suffered the same declines in the market as most of Northern Virginia. Comparing August 2009 to August 2008 the numbers are not dramatically different. While the average sales price is down by 7.5%, the median sold price is up by 7.5% indicating that despite a drop of 10% in units sold, the higher end homes showed an increase in sales activity. Condo sales still represent nearly half of all sold properties for the month. Buyers continue to seek out properties, resulting in 242 pending sales. There were 285 new listings taken for the month, meaning inventory is being replenished.

Interest rates remain favorable. Though there are still some low appraisal issues, for the most part that does not present itself as a big problem.

Just a little over 2 months remain for first time buyers to purchase and close in order to receive the $8000 federal tax credit. Movements are afoot to request Congress to extend the credit time period–even making it permanent–but buyers should not gamble by waiting for that to happen.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington County, and the rest of the DC Metro: www.averyhess.com

Warren County, VA Market Report – 9/22/09

The following totals represent the Warren County, Virginia market as of August 2009:

• New Listings: 110
• Closed Sales: 36
• Pending Sales: 57
• Median Sales Price: $141,500
• Average DOM: 123

Located west of the District of Columbia, Warren County has seen the year to date days on the market (DOM) increase from 145 to 169 days.  Compared to August 2008, DOM has been reduced 11.8% from 139 to 123 days in August 2009. For the month, median sales price experienced a decline to $141,500, while the year to date average sale price stands at $153,000.

The county had 449 total units for sale in August of 20009 versus 589 in August of 2008. Inventory is increasing and prices seem to be slowly creeping down. This opens the door for a great investment opportunity. Rents are holding steady and therefore cash flow is available when you buy and rent. As prices drop, so does the percentage of sale price versus listing price, meaning further discounts. Year to date, listings are selling for 87.4% of their list price–down 2.4% from the same time in 2008. Warren County is a great place to take advantage of buying low. With its close proximity to Washington, DC, prices are sure to rise again.

Market data and commentary provided by Steve Mayes, Managing Broker, Avery-Hess, Realtors.

Search for Homes in Warren County, and all the DC Metro: www.averyhess.com

Meet Our People – Pattie Mancini

At Avery-Hess, our people are our most important asset. Learn more about one of our best, Pattie Mancini from our Springfield, Virginia Regional Office:

Meet Avery-Hess – Pattie Mancini, Springfield, VA Regional Office from Amit Kulkarni on Vimeo.

Search for homes and learn more about Avery-Hess: www.averyhess.com

Vienna/Dunn Loring, VA Market Report – 9/18/09

Market statistics for Vienna and Dunn Loring, despite initial appearances, are actually showing a stabilization of the market.  Even though active inventory is down just over 9%, average sales price is down almost 11%, and average days on market is up 19%, we are seeing prices stabilize throughout the surrounding areas, with only small losses or even some increases in average sales price.  I expect that as we move forward through the rest of the year and into next year, the Vienna and Dunn Loring market will start to show small average price increases and more sales activity.

The trend in the Northern Virginia area, which we are seeing mirrored in these local statistics, is fewer listings on the market and more sales.  This can do nothing but stabilize the market and start it on the road to recovery.

Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for Homes in Vienna,  Dunn Loring, and all of the DC Metro: www.averyhess.com