Archives January, 2010
Stafford, VA Year-End Market Report – 1/21/10
2010 has started off with a bang. The phone is ringing and properties are being shown, but don’t forget you must be under contract by April 30th to receive the Federal Housing Tax Credit for first-time and move-up homebuyers.
Here is our year in review market report for Stafford County, Virginia:
We ended the year with a 23.4% decrease in listing inventory. Stafford County had 3,574 listings in 2008, but only 2,739 in 2009. If this trend continues we will start to see a healthier, more even market.
While the inventory saw a decline, the amount of closings in Stafford County increased by 12.6% in 2009. The amount of pending sales also increased last year from 1,687 to 2,008. In what is good news for buyers, but not so good news for sellers, the median sales price in Stafford County decreased 16.1% to $230,000. While prices went down, percent of original list price received at sale went up 3.6% to 93.4% of list price. The more that inventory continues to decline, the more the ratio of list price to sales price will go up.
Our local market is nice and active and starting off great this year. Let’s say goodbye to 2009 and look forward to what 2010 has in store for us.
Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.
Search for homes in Stafford, and the all of the DC Metro: www.averyhess.com
Leesburg, VA Market Report – 1/20/10
- Homes for sale: 460
- Closed sales: 117
- Average sold price: $414,047
- Average days on market: 70
After reporting last month that prices in Leesburg were down 20% from one year ago, this month shows that prices are up 15% when compared to December 2008. Since December 2008 was the lowest point for home prices in most of the Northern Virginia market, going forward the price comparisons may get harder to beat. Even though inventory is down 32%, there are still 460 houses to choose from. With interest rates around 5% and sellers still willing to assist with closing costs, Leesburg offers a great buying opportunity at an affordable price.
In addition, Leesburg is home to a large outlet mall at the corner of Virginia State Route 15 and Route 7. Within that same area are numerous national chain restaurants of all price points and cuisines.
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com
Community Video: Fredericksburg, VA
Located to the south of Washington, DC, Fredericksburg has everything from acres of land and suburban neighborhoods to a historic downtown area. Learn more about Fredericksburg, Virginia and how it offers big city amenities while keeping its small town feel.
Avery-Hess Community Video: Fredericksburg, VA from David Tra on Vimeo.
Search for homes in Fredericksburg, and all of the DC Metro: www.averyhess.com
Urbana, MD Market Report – 1/18/10
- Homes for sale: 72
- Closed sales: 10
- Average sold price: $345,080
- Average Days on market: 52
Prices in Urbana are still about 13% below where they were one year ago, but we are seeing the trend of prices on the rise. The number of houses available for sale is 25% lower compared to the same time last year, and the time it takes to sell a house is about half as long as it was one year ago.
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Urbana, and all of the DC Metro: www.averyhess.com
Fredericksburg, VA Market Report – 1/14/10
There are currently 107 homes for sale in the City of Fredericksburg. There are more than a handful available in the historic district, which provides a really good opportunity to move downtown. There are also new construction opportunites and many other resales that are in wonderful locations for great prices.
The following is a summary of the market conditions in Fredericksburg, Virginia:
| Fredericksburg | Nov-08 | Nov-09 | % Change |
| New listings | 25 | 32 | 28.0% |
| Active listings | 157 | 133 | -15.3% |
| Closed sales | 11 | 26 | 136.4% |
| Median sales price | $154,950 | $246,395 | 59.0% |
| Average DOM | 168 | 113 | -32.7% |
| Percentage of original price received |
86.7% | 88.8% | 2.4% |
Median sales prices have actually increased in the City of Fredericksburg by 59% from November of ‘08 to November of ‘09. However, prices have gone down $47,800 from the second quarter of ‘09 to the third quarter of ‘09, which is quite a decrease. The amount of listings has also gone down 15.3% from this same time last year. While prices have gone down, a decrease in inventory will help to slow the decrease in prices. The average days on market (DOM) have also decreased by 32.9%, meaning houses are moving faster now.
The City of Fredericksburg still has the lowest percentage of sales price to list price in the entire Fredericksburg area. Spotsylvania, Stafford and Caroline Counties’ percentages have improved dramatically this year, while Fredericksburg’s only increased 2.4%.
With the history, location and uniqueness of Fredericksburg, it has always been and always will be a wonderful place to live.
Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.
Search for homes in Fredericksburg, and the rest of the DC Metro: www.averyhess.com
Sterling, VA Market Report – 1/13/10
- Homes for sale: 374
- Closed sales: 121
- Average sold price: $364,091
- Average days on market: 39
Each month, the average sales price in Sterling keeps going up and is now 24% higher than one year ago. In addition, the time it takes to sell a house in Sterling is less than half the time it was taking at the same point last year, averaging 39 days compared to when it took 95 days last year. Available inventory is now down 31% from a year ago, reducing the housing selection for potential buyers.
In the past, investors and first-time buyers had been competing to buy the same houses. This caused bidding wars, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner-occupant buyers first preference should result in making it easier for owner-occupants to purchase without having to pay more than the original asking price. This is good news for first-time buyers who will be living in the homes they’re purchasing.
Sterling is conveniently located near the employment centers of Tysons Corner, Route 28, and the Route 7 biotech corridor. Dulles Airport is also nearby and a big employment center, too.
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
