Ashburn, VA Market Report – 1/11/10

Ashburn, Virginia is located in Loudoun County, and sits within the Dulles Technology Corridor. Dulles International Airport is nearby, and Ashburn is also home to Redskins Park, headquarters of the National Football League’s Washington Redskins.

The following statistics represent the housing market in Ashburn:

• Homes for sale: 368
• Closed sales: 111
• Average sold price: $429,827
• Average days on market: 43

The average sales price took a big jump back to where it had been tracking 60 days ago. Last month’s big drop was a statistical aberration caused because the majority of what was sold was comprised of lower-priced properties. As a result, the average sales price dropped from $424,550 in October to $382,665 in November, and for December it’s back up to $429,827, which continues the steady trend of rising prices again.

Housing inventory continues to decline as the best buys get picked off. The average days on market one year ago was 69 days, last month 40 days,  and this month 43 days;  so the norm is somewhere in the 40-45 day range, which is very healthy.

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

Gaithersburg, MD Market Report – 1/8/10

• Homes for sale: 710
• Closed sales: 182
• Average sold price: $307,630
• Average days on market: 64

The average sales price took a big dive from last month in large part because the majority of sales was comprised of lower priced properties. As a result, the average sales price dropped from $327,160 to $307,630. Common sense tells us that the market did not drop by 7% in one month. What we’re faced with here is a statistical anomaly that should smooth itself out over time.

In the meantime, almost any home priced under $350,000 in Gaithersburg is getting multiple contracts. The average days on market one year ago was 106 days, last month 63 days, and this month 64 days; the trend is unmistakable. It takes on average, about 65 days for a well-priced house in good condition to sell.

Gaithersburg is convenient to numerous major transportation routes and the Metrorail’s Shady Grove station. When the Inter County Connector is completed in a few years, Gaithersburg residents will be able to go directly East-West into Prince Georges County without having to go onto the interstates or wait at traffic lights as they cut across the county. Gaithersburg is well served by all major retailers and restaurant chains.

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

Spotsylvania County, VA Market Report – 1/4/10

Through November 2009, 2,788 homes came onto the market in Spotsylvania County, an 8.3% decline from the 3,411 homes that were available through November of 2008.  This is a big shift that buyers in Spotsylvania have to get used to for the time being. Inventory has decreased this year because of the diminishing number of foreclosures on the market.  Will that change in 2010?  We’ll have to wait to see.  In the meantime, buyers need to stay aggressive in making offers once they find what they are looking for.

Here are the latest statistics for Spotsylvania County, Virginia:

There are several big changes from 2008. First, in November of 2009 we had 690 active listings, which includes all single family and attached homes among all price ranges in Spotsylvania County.  This 39.4% drop means there are not as many houses to choose from as there were in the recent past.  We have been seeing multiple offers on homes in low price ranges that are priced well, show well, and well-located. Also, with with the median sales price decreasing  $26,500, prices are favorable for first-time homebuyers and investors.

This is not just a market for buyers, sellers should take notice because the average number of days it took to sell has dropped 37.2% to an average of 76 days on the market, which is just over two months! Meanwhile, the percent of sales price received at closing compared to original asking price has also increased 6% to 94.7% of the asking price.  While sellers still need to pay at least a portion of the closing costs, it’s not nearly as much before.  If you are a seller, find out how much your home is worth because now might be a better time to sell than you think.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

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

Bristow, VA Market Report – 1/4/10

Bristow, has a wide range of home styles and prices. The majority of homes in Bristow were built and sold during the real estate boom years of 2003-2006, so there have been many sales that were either owned by banks or sold by sellers with no equity–foreclosures and short sales, respectively. This has not deterred anyone from buying here, as can be seen by the rising prices month after month.

Here is a complete analysis of last month’s housing market in Bristow, Virginia:

• Homes for sale: 154 (virtually unchanged from last month)
• Closed sales: 32
• Average sold price: $317,677
• Average days on market: 26 (virtually unchanged from last month)

As home prices were in the low $300,000s last month and continuing to rise,  Bristow remains an affordable and in-demand place to live. The average sales price of $317,677 is still below 2008’s average, but has been slowly climbing since hitting its lowest point in December 2008. A year ago it took 76 days for a house to sell, a far cry from last month’s 26 days. Once again, interest rates are still low, consumer confidence is rising, and inventory is reduced, causing high buying activity in the $300,000 price range.

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