Gaithersburg, MD Market Report – 9/18/09

The following statistics represent Gaithersburg, Maryland (ZIP-20882):

• New Listings: 88
• Closed Sales: 11
• Median Sale Price: $650,000
• Average DOM: 72

There were 88 homes listed for sale at the end of August, which is not far off from the 90 for sale at the end of July. The number of homes sold in August, a total of 11, matched the sales for July. Meanwhile, median home price in August was down to $650,000, a 9.8% drop from the same period in 2008. However average days on the market (DOM) was only 72, as opposed to the staggering 309 days on the market in August 2008.

Gaithersburg is one of the largest cities in the State of Maryland. I’ve chosen to focus on the 20882 ZIP code area in particular because it is the most homogeneous in Gaithersburg, with some of the largest lots and the most open, undeveloped land. I also live in this ZIP code and am very satisfied with the experience.

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

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

Bristow, VA Market Report – 9/17/09

The statistics below represent the market for Bristow, Virginia:

• New listings – 191
• Closed sales – 40
• Median Home Price – $327,301
• Average DOM – 31

A part of Prince William County, Bristow is also located just to the west and south of Manassas in Northern Virginia, with easy access to I-66. Over the past ten years, Bristow has seen its population almost double in size. In the month of August, there were 191 homes listed for sale, a decrease of 5.5% from the 202 that were listed in  July. 40 homes were sold in August, which is less than the 50 sales closed in July. However, we can attribute this decline in sales to the lack of inventory in lower-priced homes, which have been ideal for those looking to capitalize on the federal tax credit for first-time homebuyers. Still, the vast majority of the inventory in the Bristow market falls in under $400,000–the hottest price range in any DC Metro Area market.

Compared to the same period in 2008, the median home price for the area was down 3.3% to $327,301. On the other hand, the average days on the market plummeted from last year’s 107 to just 31 days in August 2009. Talk about a dramatic turnaround!

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

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

Stafford County, VA Market Report – 9/15/09

The following totals represent the market in Stafford County, Virginia:

These figures show an 18.9% drop in median sale price from one year ago. However, the percentage of original sale price received at sale has increased from 90.8% in August 2008 to 95.7% in the past month . Also, there has been a significant drop in available inventory among single family homes in the Stafford market, down from 978 to 505 in detached houses (-48.4%) and from 215 to 74 in the townhouse/condo category (-65.6%). In addition, the number of days units spend on the market (DOM) is also generally declining. Combined, an increase in percentage of sale price recieved, low inventory, and decreasing DOM reflect the high level of activity in the entry-level price range. Buyers are taking advantage of low prices, favorable rates, and the $8,000 federal tax rebate to become homeowners. People who have been waiting for the bottom of the market may be realizing that the proverbial ship is about to sail and there is no better time to buy than now.

We are also seeing an increase in the number of buyers taking advantage of rehabilitation loans to snap up some of the real bargains among distressed properties–properties that need a little or a lot of repair to be very nice homes. With a good agent and a good lender, this process need not be intimidating, but instead can offer a great opportunity for a first-time buyer.

Stafford County Market Report compiled by Judi Jones, Managing Broker, Avery-Hess, Realtors

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

Prince William County, VA Market Report – 9/14/09

The August numbers are in from both the MRIS (Metropolitan Regional Information Systems) and the local MLS (Multiple Listings Service)—and the numbers for Prince William County, Virginia are truly unbelievable:

• New Listings – 878
• Pending Sales – 893
• Closed Sales – 916
• Average Sales Price – $230,000
• Average DOM – 52

Comparing August of 2008 to August 2009, there were 1,318 and 878 new listings, respectively—a decrease of 33%. Closed transactions also saw a drop from August 2008’s 916 units, falling 26% to 678 units this year. On the other hand, pending sales were almost identical—only declining a mere 5.5% from 945 in 2008 to 893 in August of 2009.  Plus, this August’s average median price of $230,000 topped the previous average of $220,000. In fact, on average properties sold for 99.1% of their original list price last month! The average days on the market (DOM) has also decreased by 52% from 109 days to just 52.  With numbers like these, there is no surprise that inventory has been greatly reduced.  In August 2008 the inventory for single family homes, condos, and town homes lingered at 4,683 units. August 2009 saw that number drop 74% to just1263 units.

I am starting to see more foreclosures hit the market, which in my opinion is the reason for the small decline in price. The number of buyers seeking houses seems to be growing, resulting in reduced DOM and sales at a higher percentage of the original listing prices. Demand is strong. The difference between the new listings, pending sales, and closed sales is due to the length of time required to close short sales. The active listings become skewed when a bank has not accepted or approved a short sale, showing the property as not for sale, but active in the MLS.

If you purchased a home more than five years ago and still have equity, this is a great time to list and upgrade. There is a great demand for starter homes and homes under $250,000—and you can get a lot of houses in the $350,000-500,000 range. Current market conditions in Prince William County only come around once every ten years. Resales with acreage and colonials with mature trees are all deeply discounted. As an added bonus interest rates are very low, which make this the perfect time to upgrade. Take advantage while you can!

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

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

Frederick County, MD Market Report – 9/10/09

The figures below represent the housing market for Frederick County, Maryland.

• New listings: 440
• Under contract: 305
• Total sold: 261
• Average sale price: $261,992
• Average days on market: 116

Though Frederick County, Maryland lies northwest of Montgomery County, it is drawing interest as another suburb of the District of Columbia, especially for buyers entering the area.  Much of the appeal is due to more affordable housing and the availability of rail transportation.

The average sales price in the county has dropped about 20% from this time last year, but the total units sold has gone up almost 40%. This not only shows the increased desirability of the area, but also the number of foreclosures available. Homes are staying on the market about the same amount of time as last year, about 5% less, while the supply of homes available has decreased by 28%.

Market data and commentary provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.

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

City of Falls Church, VA Market Report – 9/10/09

The City of Falls Church housing market is alive and well!  We are seeing increases in both the number of homes sold and average sales price over the same period of last year.  In fact, average sales price have increased almost 7%. Plus, there is also a decrease in the average time on the market as well as active inventory. This is a prime example of a performing market inside the Capital Beltway.

While we have seen a decrease in prices over the last few years, the above statistics combined with the knowledge that many homes on the market now receive multiple contract offers certainly point to a local market that is beginning to gain appreciation once more. Homes that are priced properly and show well are typically receiving multiple offers on them, creating a seller’s market once again. This trend should continue through the remainder of the year as inventory remains low and first time homebuyers continue to take advantage of the $8,000 tax credit, buying up the lower priced inventory.

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

Search for Homes in Falls Church, and all of the DC Metro: www.averyhess.com