Archives September, 2009
Centreville, VA Market Report – 9/9/09
The statistics below represent the market in Centreville, Virginia:
- Homes listed – 394
- Homes sold – 94
- Median Home Price – $285,000
- Average Days on Market – 49
Located approximately 20 miles outside of Washington, DC, Centreville is a community within Fairfax County, Virginia. In July, the vast majority of the houses in Centreville were sold using conventional and Fair Housing Administration (FHA) financing because the average and median sales prices were all below the conforming loan limit for conventional financing. On the other hand, Metropolitan Regional Information Systems (MRIS) indicates a large number of pending contracts in the pipeline which should result in more closed sales.
Though the median home price is down approximately 11% from same time 2008, there is a strong demand for homes in the Centreville market as buyers race to get in before the November 30 deadline to get the $8,000 federal tax credit for first time buyers.
Market data, commentary and statistics provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Centreville, and all of the DC Metro: www.averyhess.com
Spotsylvania County, VA Market Report – 9/8/09
The following data reflect the state of the real estate market in Spotsylvania County, Virginia:
- New Listings – 288
- Closed Sales – 173
- Pending Sales – 225
- Median Sale Price – $211,000
- Average DOM – 99
The number of new listings in Spotsylvania County has seen a roughly 20% decrease for the month compared to July 2008. However, there is a 22% increase in pending sales year-to-date in 2009 compared to same period last year. Although the median sale price for July 2009 shows a decrease of about 16% over last year’s July price, the average days spent on the market from listing to contract shrunk from 139 days in July 2008 to just 99 days, a drop of almost 30%.
Meanwhile, inventory in residential properties continues to decrease, down to 730 from last year’s 1,309. As with the market in general, much of the inventory decrease is due to banks and investors holding off on foreclosures, plus the reluctance of sellers to attempt a sale unless there are pressing circumstances.
Market data, commentary and statistics provided by Judi Jones, Managing Broker, Avery-Hess, Realtors
Search for Homes in Spotsylvania, and all of the DC Metro: www.averyhess.com
City of Fredericksburg, VA Market Report – 9/8/09
The following figures represent the market in the City of Fredericksburg, Virginia.
- New Listings – 41
- Closed Sales – 25
- Pending Sales – 24
- Median Price – $300,000
- Average DOM – 60
Historic City of Fredericksburg, sandwiched between Stafford and Spotsylvania Counties, is showing an increase in listings thus far in 2009. We have seen a 20.6% increase in July 2009 over July 2008, and an overall growth of 1.1% year-to-date. The July median price of $300,000 in Fredericksburg is lower than average for the larger market area and reflects a 9.6% drop from one year ago.
The average days on market dropped from 170 a year ago to just 60 in July 2009, while inventory in single-family properties has remained fairly even with only a 2.3% decline. However, there has been a 32% drop in townhome and condo properties, which suggests that the market is more active for these generally more affordable types of housing.
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 – Amy Cherry-Taylor
At Avery-Hess, our people are our most important asset. Learn more about one of our best, Amy Cherry-Taylor from our Stafford, VA Regional Office:
Meet Avery-Hess – Amy Cherry-Taylor, Stafford, VA Regional Office from Amit Kulkarni on Vimeo.
Search for Homes, and learn more about Avery-Hess: www.averyhess.com
Washington, DC – Market Report 9/3/2009
The data below reflects residential real estate in Washington, DC for the month of July in 2009:
- New Listings: 914
- Total sold: 648
- Avg. sales price: $483,477
- Days on market: 88
- Total pending: 682
In the District of Colombia, the total number of new listings has decreased only by a little over 7% compared to the number of new listings at the same time last year. New pendings has increased by 20% and the total units sold have improved by a little over 28%.
Average sales price has gone down 16.66% as the market adjusts, and the days on market have increased almost 19% over last year. Washington DC seems to attract a large number of young professionals who are first home buyers looking to take advantage of the $8000 tax credit, as well as a growing number of “empty-nesters” moving into the area for the conveniences it affords. Both groups are drawn by the availability and proximity of theater, sports events, shopping and the many fine restaurants from which to choose.
Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.
Search for Homes in all the DC Metro: www.averyhess.com
Montgomery County, MD – Market Report 9/3/2009
The data below reflects residential real estate in Montgomery County, Maryland for the month of July in 2009:
- New Listings: 1361
- Total sold: 1130
- Avg. sales price: $459,258
- Days on market: 93
- Total pending: 1302
Compared to July of last year, the number of new residential listings in the county has decreased a little over 13%. Total inventory has decreased by almost 30%. Total days on market has stayed about the same compared to last year (92), but has increased from 68 days in 2007. Sales have come up a little over 30%, while new pending (under contract, but not yet settled) for the month has increased about 47%.
Montgomery County should continue to see continued sales growth due to the reputation of the school system and the geographic location in relation to the employment base along with an excellent public transportation system. The average sales price has decreased about 13.5% due largely to the number of foreclosures in the county. Until the majority of the foreclosures have been released and sold, this number probably will not improve before the end of the year.
Rockville Market Report (in Montgomery County)
Rockville comprises 5 zip codes in the county. Because of it’s proximity to Washington, DC and it’s available public transportation, most of the city has seen an increase in the total number of units sold while the average days on the market has for the most part decreased. Average sales price in Rockville (depending on zip code) ranges from $295,550 to $904,814 which is down anywhere from 8 to 21 per cent from July of 2007, again depending on zip code. Average days on the market are about 72 and the number of sold residences is 222 for the month.
There are a large number of condominiums and town homes which attract the first-home buyers so sales should continue to increase.
Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Montgomery County and all the DC Metro: www.averyhess.com
