Leesburg, VA Market Report – 3/2/10

The market in Leesburg is hot. With houses of every size, age and type imaginable, a buyer can certainly find what they want at a price of their choosing. The report below represents the market conditions in Leesburg, Virginia.

• Homes for sale: 497 (down from 543 two months ago, and 625 one year ago)
• Closed sales: 54 (down from 112 in November when the first round of tax credits expired, and down from 117 in December when everyone was trying to close before the year end.)
• Average sold price: $363,410 (down $373,530 from two months ago, but up from $277,169 one year ago)
• Average days on market: 60 (stable over past two months and half the time it took one year ago)

Prices in Leesburg are up 29% from one year ago and bouncing around and still trending up. It is estimated that approximately 40% of the sales in Leesburg are either bank owned or short sales, where the bank has agreed to take a payoff that is less than the outstanding mortgage loan.

Downtown Leesburg is a Historic District of quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops, restaurants, art galleries, the Loudoun County Courthouse, and numerous small offices.  In addition, there are are multiple hospitals that service Leesburg. Part of the attraction to living in Leesburg is the easy access to employment areas that are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and Route 28.

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

Sterling, VA Market Report – 2/26/10

It is very normal for the number of closings in January to be lower than totals in the month of December. At the end of  the year it’s typical for people to race to get into their new home before the holidays, leaving January figures to pale in comparison.

The following represents the real estate market in Sterling, Virginia:

• Homes for sale: 383 ( up from 374 last month)
• Closed sales: 71 (down from 121 last month)
• Median sold price: $274,000 (up 18% from one year ago)
• Average days on market: 36 ( down from 39 days last month)

Almost every month the median sales price in Sterling has been going up. In fact, it’s now 18% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 36 days, improving on last month’s 39 days. Available inventory is now down 32% from a year ago, reducing the housing selection for potential buyers.

Investors and first-time buyers had previously been competing to buy the same houses on the market, 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. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price.

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

Gaithersburg, MD Market Report – 2/25/10

• Homes for sale: 697
• Closed sales: 108 (down 24% from December 2009)
• Average sold price: $298,534 (median price is up 4.8% from same time one year ago)
• Average days on market: 81

The 24% drop in the number of closings from December 2009 to January 2010 is nothing to fear. There is always a rush to close at the end of the year and the result is that January is almost always a relatively low closing month.

Meanwhile, almost any home priced under $350,000 in Gaithersburg is receiving multiple offers. Furthermore, the average days on market was 126 days one year ago, 73 days last month, and 81 days and this month.  It takes on average, about 75 days for a well-priced house in good condition to sell.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker. To give you an idea about the wide range of prices in Gaithersburg, David’s two-acre home has four bedrooms, 2.5 baths, a side load two car garage, a huge screen porch on the back of the house and is is for sale for $689,00. Call Seema Rodriguez at (301) 922-1770 for more information.

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

Stafford, VA Market Report – 2/24/10

January was quite a month…of snow that is! It’ll be challenging to compare last month to January 2009 or to even guage how this market is progressing so far this year because of the extreme weather we’ve had.  We received three weekends of snow that made it very difficult for prospective buyers to view available inventory.  On the other hand, the weather also made it hard for sellers to list their homes. New listings and pending sales were not what we had expected, however days on market, available inventory, and percent of original list price received at sale were all very promising.

The following table shows statistics for January 2009 in Stafford, Virginia.

One of the most impressive changes is the 9% increase in the amount sellers are receiving for their offers.  Buyers are having to give much better offers to even compete in multiple offer situations to secure the home of their dreams.  Inventory has decreased substantially, which makes homes that are in good locations, in good condition, and priced well highly sought after items.  It will be interesting to see if the decreased inventory level is due to the weather or if our inventory has actually shrunk that much.  Stay tuned.

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

Ashburn, VA Market Report – 2/23/10

Here’s a quick snapshot of the market in Ashburn, Virginia (compared to December 2009):

• Homes for sale: 404 (up 10%)
• Closed sales: 65 (down 20%)
• Average sold price: $423,445 (down 1.5% from last month, down 28% from one year ago)
• Average days on market: 51 (up from 43 days last month)

The average sales price in Ashburn has bounced around like a ping pong ball from month to month for the past 18 months. Prices are definitely still lower than one year ago, but when looking at the median sales price rather than the average sales prices, you can see that the prices are stabilizing or rising slightly.

As is normal at the beginning of the year through early summer, more houses are coming onto the market. This bodes well for buyers who want to take advantage of the low interest rates, liberalizing lending terms, and the Federal Housing Tax Credit. To get the tax credit you must be under contract by April 30th and close before June 30, 2010.

Ashburn has a great selection of homes and almost all of them are under 15 years old–the approximate age of the entire area. The great thing about Ashburn is with such a huge diversity of homes, an individual or family can keep trading up or down in size and style and never change grocery stores or school districts. You can have change and stability at the same time.

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

Arlington, VA Market Report – 2/22/10

All the prognosticators have been making their predictions as to the state of real estate for 2010. On balance, 2009 was a positive year in Arlington. The total dollar volume of sales increased by 7% and the total units sold increased by 11%. The average sales price decreased by nearly 4% and the days on market dropped by 8.5%. This shows that while prices dropped, more properties were sold in a shorter period of time. January 2010 statistics point to some interesting things to keep an eye on in Arlington County, Virginia.

There’s good news and bad new for buyers and sellers in Arlington this month. The average sales price for single family detached homes increased by nearly 14%, good news for sellers, and actually good news for buyers knowing that values are going up. Of the 132 sales in January, nearly 70% were condos and townhouses. The average sales price for these attached homes decreased by 16% from the same period a year ago. As the prices on these units dropped, more sales occurred because of the affordability factor.

The Federal Housing Tax Credit is still in place but there are just two months left to act. It seems like we’ve been snowbound for most of the winter so far, but as the weather improves I predict the ready buyers will be unleashed into the marketplace and sales of affordable homes will rise as the incentive deadline approaches.

Interest rates have remained steady but indications are that the Federal Reserve will consider rate hikes as the year progresses. If you are in the market to purchase or sell, now is absolutely the best time to act. Inventory is still low but the shadow inventory (pending foreclosures) is lurking and could be released anytime. List your home now while competition is limited. Buyers, have your agent prepare a rent vs. buy analysis to show you the benefits of home ownership. Don’t wait too long and miss an opportunity.

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

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