North Bethesda, MD Market Report – 2/29/12

North Bethesda is an unincorporated area that borders Rockville and Bethesda, which is recognized by the Census Bureau as a census-designated place.

The median sales price for homes in North Bethesda, MD for Nov 11 to Jan 12 was $365,000. This represents an increase of 9%, or $30,000, compared to the prior quarter and a decrease of 44.1% compared to the prior year.

Sales prices have appreciated 12.1% over the last 5 years in North Bethesda. The average listing price for North Bethesda homes for sale on Trulia was $494,944 for the week ending Feb 08, which represents an increase of 0.3%, or $1,240, compared to the prior week and a decline of 1.9%, or $9,692, compared to the week ending Jan 18.  Average price per square foot for North Bethesda, MD was $256, a decrease of 20.2% compared to the same period last year.

North Bethesda is often referred to as Rockville because of shared ZIP Code and prior to the 1990’s the entire area was referred to as Kensington or Rockville. As popularity increases, it seems the area names are becoming more inter-changeable.

Looking for a condo to purchase or rent?  Many new and renovated buildings are in the area including rentals at North Bethesda Market which is the tallest rental building in Montgomery County.

Prince William County, VA Market Report –2/20/12

“The best thing about the future is that it comes one day at a time.” – Abraham Lincoln. Like the future, Prince William County’s real estate market is rebuilding one day at a time.  All economic signs are pointing towards stable real estate conditions, allowing for both buyers and sellers to benefit.

While year over year numbers of an almost 1% decrease in average sold prices may not be an impressive figure to the common consumer, those of us working in the field every day know these numbers can be misleading.

Interview one of the many Avery-Hess Agents at the Lake Ridge office and most all will tell you that they are working with several qualified buyers, but that there are not enough quality homes on the market, which may be one of several factors included in the .75% decrease in average sales price of $273,551 to $271,558 and the 25% increase of days on market from 40 to 60.

Buyers that are patient can still take advantage of record low interest rates, and 2002 real estate pricing, however quality well priced homes are starting to experience multiple offers and bidding wars often well above asking prices. A wave of potential buyers that were forced to short sale their homes 2 years ago will become eligible to re-buy this year, and buyers should expect home prices, and interest rates to steadily rise as the summer buying season starts.

Seller’s that purchased pre or post boom, should start to see equity rebuild in their homes, allowing for regular re-sales. With potential buyers’ demand already weighing in on supply, we should start to see days on market decrease and the average sales price increasing.

While December numbers are important, the holiday season tends to restrict progress in the market.  The current trend and economic factors are allowing for an equilibrium real estate market, basically allowing for both buyers and sellers to benefit.  Stay tuned, January and February’s numbers should continue to tell this story.

Market data and commentary provided by Maryanne Moyers, Managing Broker, Avery-Hess, Realtors.

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

Ashburn, VA Market Report – 2/15/12

When we last looked at Ashburn and Loudoun County in October we saw huge losses for the County and Ashburn.  Now the news is much better.  The County’s average sales price has recovered nicely and is now at $471,000.  In other good news, Ashburn sales volume has increased 32% since October, 2011.  All in all this has been a great recovery from a bad start to the 4^th Quarter.

Statistics for Zip Codes 20147 and 20148

New home sales in the 20148 zip code fell off at the end of the year as they always do. The builders, after enjoying a great Summer market, began building spec homes, which did not sell as quickly as they anticipated, so they reduced the start of large numbers of specs in the fourth quarter.

The uncertain National economy which had a negative effect on our local Northern Virginia market beginning the fourth quarter seems to have lessened in December. Positive signs of employment recovery nationally coupled with the fact that Northern Virginia continues to remain the lowest of any major Metropolitan areas in the Country helps our local market.  Interest rates continue to remain at record low levels, and inventories are at 5 year record lows in Northern Virginia, so think positive and Buy or Sell Now!

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Regional Office, Centreville, VA 20120

Stafford County, VA Market Report – 2/13/12

It seems a little odd blogging about December statistics in February but these are the latest stats that are out!

The good news is that I can really tell a big difference between the market two months ago and now.  The market was decent in Stafford for a December but it is busy and even more active in the present day.  Interest rates are still hovering at a historic low causing more and more Buyers to get pre-approved for a loan and start looking for a home.

Inventory is still at a 3 year low and the market is still desperate for more regular sales.  Short sales and foreclosures are still entering the market place and are at a pretty steady place.

Now that we are caught up on the present market, take a look at the stats below to see how we ended 2011!

The most promising statistics are the median sales price, which went up 3.11% year over year and is now resting at $250,000, and the ratio of average sales price to average list price ratio, up to 95% from 93.5%. Listings were still way down and so were new pending contracts.  I think you will see a big change in that particular category in the next couple of blog updates.

Overall, 2012 is off to a very busy start!  Whether you are thinking of buying a new home or selling your existing home it may be a great time for you to move forward!

Commentary and market stats provided by Amy Cherry-Taylor, Business Manager, Stafford Regional Office.

Search for Home in Stafford County: www.averyhess.com

Springfield, VA Market Report – 2/6/12

Think things aren’t selling in the Springfield Market, think again!

If you’re planning on selling, now just might a good time to talk to one of our experienced agents at Avery Hess.  Inventory is low and demand seems to be increasing.

Prices have increased over the same time last year and the average days on market have come down from the month before.   If you look at the statistics from the last five years, you’ll find a steady increase in purchase prices and a steady decrease in days on market.

Did you know interest rates are at an all-time low?  With interest rates hovering below 4% for a 30 year fixed rate, buying might be cheaper than renting.

Waiting for that move-up moment?  Now may be just the time to do it.  Indications show that the low seems to have passed, don’t miss the boat!  Banks do have money to lend and with attractive interest rates and programs available with little or no money down, what are you waiting for?

Market data and commentary by Pattie Mancini, Manager at Avery-Hess, Realtors.

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

Mount Airy, MD 2/1/12

Mount  Airy is centrally located, just north of Washington, D.C., west of Baltimore, south of Gettysburg, and east of Frederick. Interstate 70 borders our town and provides easy access to larger cities and major employment centers in Washington, D.C., Maryland and Northern Virginia.  It encompasses 4 of Maryland’s counties – Carroll, Montgomery, Frederick and Howard.

People love the small-town charm of Mount Airy with its quaint historic buildings and welcoming atmosphere.  Their slogan is Stop, Shop and Stroll and it is easy to do all of those things on Main Street in the older part of the town.

Stroll along Main Street and take time to eat in one of the many excellent restaurants or shop for fresh fruits and vegetables at the Farmer’s Market during the spring and summer months.  Teens love to shop for vintage clothing as well as one of kind gowns at Deja Vu.

Downtown Mount Airy displays the small-town charm with quaint historic buildings and a welcoming atmosphere. It takes you back to a time long past, away from the hustle and bustle of the city.

Options for housing range from the older Victorian houses to newer golf course communities.

The housing market in Mount Airy continues to improve – take advantage of the prices now and return to small town living in this lovely area of Maryland.

The Market report this week is focusing on the Montgomery County section of this tri-county area.

December 2011 Real Estate Market Statistics for:  21771 Mount Airy, MD

Average Sold Prices are down -8.56% to $372,631 over $407,522 this same time last year.  Days on the Market continue to increase up +13%, to 140 days in Dec ’11 comparing to 111 in Dec ’10.  This along with the number New Pending Sales down -29% shows a struggling housing market.

Sellers who have found a buyer have had to price their homes very competitively.   The small shimmer of light is that Median Sold Price; Average Days on Market and Average Sold to Original List Price have improved in the last 30 days.

With the spring market around the corner I do predict a slight increase in activity through June – prices overall will remain flat.  If you are interested in becoming a part of the Mount Airy community, this is your chance to find a very nice home at a VERY REASONABLE PRICE.

Market data and commentary provided by Kathy Fleskes & Serena Toro, Rockville Regional Office.

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