Alexandria, VA Market Report – 10/7/09

The City of Alexandria is a quaint Historic District located across the Potomac River from Washington, DC. It has been home to many historical figures since before the American Revolution. The city is made up of several neighborhoods with homes in all price ranges–from subsidized housing to million dollar properties. The official Metropolitan Regional Information Systems (MRlS) statistics for the month of September have not been released as of yet but the following represents some of the market activity for the month.

• New listings: 244
• Total active listings: 500+
• Under contract: 85
• Closed sales: 149

It appears that new inventory is being added to the market which will begin to satisfy the buyer demand. Approximately two-thirds of the homes sold in September were under $500,000. First time buyers are hurrying to get under contract and to settlement before the end of November to qualify for the $8000 federal tax credit. There has been conversation from politicians expressing support for an extension of this benefit. It appears to have bi-partisan interest and we’re hoping Congress acts favorably. The time has never been better for buyers to purchase a home. Sellers can take advantage of the pent-up demand for homes now while the inventory of homes remains low.

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

Caroline County, VA Market Report – 10/6/09

The following statistics reflect the market conditions in Caroline County, Virginia:

• New listings: 81
• Closed Sales: 38
• Pending sales 22
• Median sales price $135,00
• Percent of original price at sale: 90.8%
• Average days on market:135
• Total inventory (residential): 246

Caroline is a mostly rural county that is located south of Fredericksburg. According to the Associated Press monthly analysis, it is among the top five counties in the United States with the most improved foreclosure rate between July and August 2009.

As with most local markets, Caroline is showing an increase in the percent of original sale price received at settlement, up to 90.8% in August from 88.8% in July of this year. Additionally, available inventory is remaining steady.

One of the reasons for the relatively healthy market in Caroline County is the availability of homes in several lake-oriented communities that appeal to buyers across the board in the entry-level, retirement, and second-home categories. The area also allows for a reasonable commute to Northern Virginia, Fredericksburg, and Richmond.

The new home market in Caroline is also showing signs of recovery due to affordability and location. Previously overlooked, buyers are beginning to discover this less densely populated area with country charm.

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

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

Frederick County, MD Market Report – 10/2/09

The following statistics represent the market in Frederick County, MD:

• Homes for sale: 372
• Homes sold: 246
• Average sales price: $265,000
• Average DOM: 117

At the same time in 2008 there were 445 homes for sale, as opposed to 372 this year.  In one year the standing inventory for sale has been reduced 17%. With the drop in the average sales price in a year from $300,000 to $265,000 combined with the low mortgage rates in the low 5% range, affordability has soared for buyers in this market.

Meanwhile, a year ago homes took an average of 139 days to sell, but this year for the same period it is only taking 117.

Many of the residents of Frederick County commute to Montgomery County and Washington DC using the excellent public transportation and adequate road system.

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

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

Great Falls/McLean, VA Market Report – 10/2/2009

The following tables represent the market in Great Falls and McLean, Virginia:

The Great Falls market continues to show strong signs of recovery and positive appreciation from 2008.  From the data, we can see a small increase in inventory as sellers begin to come back to the market to take advantage of new buyers.  While the number of homes sold dropped slightly from the same time last year, we see that the average sales price has increased 3%.  The anomaly here is that days on market (DOM) increased almost 45%.   This is typical of cases when a single home that has been on the market a very long time has been sold during the month, and it tends to skew the numbers.  With demand increasing in the lower priced markets in Northern Virginia, I believe that we will see move-up buyers purchasing homes in Great Falls and anticipate demand to be good for the rest of the year.

The McLean market, on the other hand, is showing decreasing supply and a significant drop in days on market.  Although the average sales price has fallen 12.5% over the same time last year, the demand for homes under $800,000 is significant, and is one of the main things causing a drop in the average sales price.  We are seeing multiple contracts in homes priced in that range.  To give you a comparison of active listings, there are only 155 homes under $1,000,000 on the market, while there are 244 active over this price point in August.  Similar to Great Falls, I expect the demand for the lower priced homes to begin bringing move-up buyers into the upper price ranges in McLean.  My belief is that McLean will be a consistent and stable market the rest of the year.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

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

Meet Our People – Stephane Czajkowski

At Avery-Hess, our people are our most important asset. Learn more about one of our best, Stephane Czajkowski from our Lake Ridge, Virginia Regional Office.

Meet Avery-Hess – Stephane Czajkowski, Lake Ridge, VA Regional Office from Amit Kulkarni on Vimeo.

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

Sterling, VA Market Report – 10/1/09

The following data represents the market in Sterling, Virginia (ZIP-20164, 20165 & 20166):

• Homes listed: 491
• Homes sold: 135
• Average sales price: $324,073
• Average DOM: 31

To reiterate, there are 491 homes for sale at this time compared to 694 at same time in 2008,  meaning buyers have 29% fewer homes to select from this year versus last year.  In 2008 the average sales price was $322,737, which has now increased to $324,073. This increase in price over last year makes sense when considering that nearly every house in Sterling that has been sold in 2009 has had multiple offers on it. Reduce supply and the price goes up. The basic rules of supply and demand still hold true in Sterling, even in a down economy.

Sterling’s relatively low average sales price makes it a haven for first time buyers seeking a low cost entry into home ownership. Furthermore, the number of days on the market of 31 is less than one third of the time it was taking to sell in Sterling one year ago.

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

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