Sterling, VA Market Report 9/10/10

We saw a big statistical fluke in Sterling for the July closings. Read the details below:

• Homes for sale: 467 for sale at the end of June and July (very stable! 454 in May, 470 in April, 460 in March and down from 491 one year ago.)
• Homes sold: 89 sold in July. (Way down from the tax credit frenzied 133 in June. And down from 135 one year ago when another tax credit was in place.)
• Average sold price: $305,155 (down from $305,155 one year ago.)
• Average days on market: 42 ( very stable, 39 in June and 32 days one year ago)

Note that in the past 13 months prices in Sterling had risen from an average of under $320,000 to over $365,000. Then suddenly with the July closings, we saw an average sales price of only $305,155. This tells me that we had an absence of higher priced units selling and that had the effect of a big drop in the averages. We went from 133 closings to 89. The big difference was the majority of these closing were lower priced houses. Much of the trade up market took the opportunity to buy and close in time to get the tax credit. As the market stabilizes in the absence of any more government stimulus, it is this writers hope that there will be no more government intervention in the market so the market can normalize without stimulus. Stimulus, or even the expectation of a stimulus, distorts the market by influencing behavior. It is also very expensive to our national budget, since in a majority of cases we are paying people to do what they were going to do anyway.

Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

MyLife in Metro DC – A Relaxing Sunday at the Eastern Market

When I started the MyLife in Metro DC blog, I asked my friends to help me discover new and unique things to do around the city.  One of the most discussed and highly recommended adventures was a leisurely Sunday visit to the Eastern Market and Flea Market in DC. The other weekend my Aunt and her best friend were in town and we decided a trip to the market would be the perfect way to end their visit.  So off we went…

Located on 7^th and C St., SE, the Eastern Market is only one block from the Eastern Market Metro Station (The Orange & Blue Lines will get you there).  If you’re driving, street and meter parking (no meter charges on Sunday) is available alongside Pennsylvania Avenue, North Carolina Avenue and other side streets.

We chose to drive, but only because I was dropping my guests off at Union Station afterwards.  My advice to you would be to metro it if at all possible.  This will save you a lot of time searching up and down streets looking for parking (even on a Sunday we saw many  “Permit Only” spots).  Plus, you’ll be doing your “green” deed for the day!

As you walk down 7^th towards the Eastern Market, you’ll smell the aromas of delicious brunches coming from a plethora of adorable restaurants lining the street.  Many of these restaurants have outdoor seating available and on my next trip to the market I’ll be sure to head into the city early so I can enjoy an outdoor brunch before I shop!

Once you reach the end of the street, you’ll notice there are two separate sections to the market – the Eastern Market and the Flea Market at Eastern Market.  The Eastern Market, open Tuesday through Sunday, is part Farmers market (featuring local seafood, produce, poultry, pastas and more) and part Artisan market.  It’s located at the end of the street and inside the large brick building to the left.  The Flea Market is only open on Sundays from 10am to 5pm and has over 100 exhibitors displaying jewelry, clothing, antiques, and goods from all around the world.  When you walk down 7th street, you’ll find the Flea Market on the right, tucked inside a fenced off area.

We spent many hours walking up and down the isles and exploring both sections of the market.  We each found unique treasures to take home with us along our journey.  My only purchase of the day was a pair of dangly gold earrings for my friend Jessica’s birthday…I had been searching for weeks to find the perfect gift and was thrilled the moment I saw them.  Although I didn’t purchase anything else, trust me the urge was there, but I decided to wait for my next trip so I’d have an excuse to come back!

The Eastern Market was by far one of my favorite adventures thus far.  I would highly recommend the trip to anyone looking for a laid back afternoon where you can casually browse unique goods, find perfect gifts, and gather fresh ingredients to create the perfect home-cooked Sunday dinner.

Last but not least…here are a few tips that I gathered from my first trip to the market to share with you:

1. Bring a reusable bag or backpack to carry your purchases – another “green” idea!
2. Bring cash.  Many vendors accepted credit cards but I’d hate for you to miss out on a once in a lifetime find because they only take cash!
3. Bring a camera and take pictures of your day…then share them with me on Facebook -I’d love to see what you find!
4. And finally, there is little to no shade in the Flea Market area and it gets HOT quickly! I’d recommend dressing appropriately and bringing a bottle or two of water to help stay hydrated (there are also vendors selling them for about a dollar if you don’t want to bring them with you)

To see more pictures of my trip to the Eastern Market, visit the MyLife in Metro DC page on Facebook, and be sure to “like” us when you’re there if you haven’t already!

-Kristin

Springfield, VA Market Report – 9/1/10

If we put 10 economists in a room to discuss the current real estate climate and the forecast for the future, we would likely hear 10 different opinions.  And if we believe everything we read and hear from the media to be true, we might wonder why we even get out of bed in the morning. Certainly the economy is still suffering and we are living in difficult times, but there is always a bright side, a silver lining to rely on.

Springfield is a microcosim of typical America and while there are an abundance of distressed properties, there is also hope for the future outlook of this area. The dog days of summer couldn’t have been more evident this year as we suffered through record numbers of 90 degree + temperatures but the intrepid souls in search of opportunity found what they were looking  for .

While the number of homes that went to settlement in August was down by 40% from last August, the number of properties that went under contract last month was up by 65% over the previous year. The issue is not the lack of inventory. There were 22% more homes available in August than in August of 2009.

Of all the homes available and under contract, nearly 1 in 3 are foreclosures or short sales.  This reflects a sad but real situation; banks are selling more homes than builders.  Homeowners opting to rent rather than sell found a lot of competition in August, but there seems to be an abundance of folks preferring to or only able to enter into a lease situation. There were 103 properties of individual owners for rent in August. By the end of the month, 61 had rented and another 14 had applications registered.

There are people in the Springfield marketplace buying and selling property. Many owners are waiting for the prices to go back up and many buyers are waiting to see if they’ll keep falling. Hopefully, with wise counsel, they won’t miss out on opportunity when it is standing right in front of them.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

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