Spotsylvania County Market Report – 7/8/10

It is amazing how much market activity can vary inside one county!  Interestingly enough, inventory and days on market climbed slightly this week.  Prices have been bouncing around the plateau we have reached and in only one part of the county have we seen a continued downward trend until now.

To show you the difference in median list prices (by zip-code), look at what occurred this week:

22553 – $315,495  (I bet that was much higher than most of you expected!)
22551 – $239,900
22408 – $237,100
22407 – $225,000

32% of properties throughout the county showed a price decrease.  Days on market is on average 144 days.

Our market’s supply and demand is still leaning heavily towards a Buyers’ market.  The market slowed considerably in May but started to even out again in June.  We have been pretty consistent ever since.  Overall, prices and inventory levels are relatively unchanged in recent weeks.  I expect things to stay pretty consistent here in the upcoming summer weeks.

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

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

Centreville, VA Market Report 6/22/10

What happened to all of the dire warnings about shadow inventory and the growing supply of unsold homes? Certainly not in Centreville!

The following statistics reflect the real estate market in Centreville, Virginia:

• Homes for sale: 378 (down from 435 last month, and down slightly from 394 at same time last year.)
• Homes Sold: 126 (up from 110 in April 89 in March and February’s snowy 44 units. Up from 119 one year ago.)
• Average sold price: $347,188 (another jump up from $337,492 last month and WAY UP from $274,000 at the same time last year.)
• Average days on market: 21 (very stable over past four months, but down from 66 days one year ago)

As we have said month after month, prices in Centreville are moving up and have been for the past 18 months. The increased confidence has created a growing trade-up market and that is pushes the prices statistics up at a rapid rate. With today’s interest rates at or near all time lows, even with the rising prices, the average house payment is getting cheaper. So what’s not to like?

Market data, commentary and statistics provided by David Hess, Executive Vice President.

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

Leesburg, VA Market Report – 6/17/10

After being overly stimulated by government interference into the real estate market via the various tax credits, the market is returning to a normal balance of supply and demand and normal negotiations between buyers and sellers.

The figures below reflect the Leesburg, Virginia market during the month of May 2010.

• Homes for sale: 618 (down from 646 last month, and down from 643 one year ago)
• Homes sold: 91 (down from the tax credit induced frenzy  of 108 last month)
• Average sold price: $417,479 (down just a smidge from $420,963 last month but still up from $385,551 same time last year.)
• Average days on market: 59 (up from 55 last month and way down from 113 one year ago.)

Increasing consumer confidence combined with historically low interest rates have combined to help make it fun to trade up to a larger house again. Homeowners with equity are finding good demand for their homes and are happy with the supply of higher priced houses they have to choose from. Prices in Leesburg reflect this new healthy and stable market.

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

Gaithersburg, MD Market Report 6/15/10

For the month of May, the average sales price in Gaithersburg got back onto its slow steady rise in average sale prices. Thus the average rose from $330,231 to $345,753. For the first time in a long time, prices in Gaithersburg are beating their one year ago comparisons.  Below you’ll find statistics as well as a full report for Gaithersburg, Maryland.

• Homes for sale: 867 (down from 902 last month and down from 945 one year ago)
• Homes Sold: 214 (very close to last month’s 211 and up from 156 one year ago)
• Average sold price: $345,753 (up from $330,231 last month and up from $336,760 one year ago)
• Average days on market: 43 (down from 48 last month and 115 days from one year ago)

What has made the big statistical change is the re-emergence of a trade up market. Existing property owners with equity are selling and buying more expensive houses. This has brought life to the market above $500,000 and the increase in sales at the higher price range is pulling up the average and median prices.

The drop in days on market says that the demand is real as buyers choose faster and faster.

Gaithersburg is a very diverse area with the charm of Old Town mixing with the newest type of planned community found in the development known as Kentlands with its condos, rental apartments, townhomes and large single family houses.  Walk among the streets of Kentlands and you will see the residents and visitors enjoying the restaurants, small shops, and movie theaters as well as the larger stores such as Kmart and Lowe’s.

Data, analysis, and commentary provided by David Hess, Executive Vice President.

Find your in Gaithersburg and all of Montgomery County: www.averyhess.com

Sterling, VA Market Report 6/8/10

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

• Homes for sale: 470 (up from 460 last month and down from 507 one year ago.)
• Homes sold: 121 (up from 111 last month but pretty stable compared to one year when there were 123 sales)
• Average sold price: $328,097 (up from $318,038 last month and $286,037 one year ago. +14%)
• Average days on market: 23 ( down from 30 last month and very stable so far in 2010, down from 86 one year ago)

Here we are Post-Tax Credit. The predictions of Doom & Gloom seem not to have panned out. Folks are still buying and selling as they have for generations, without government subsidies. Today’s prices are still great values and affordability is at historic highs due to exceptionally low interest rates. Sterling has been an active market and the price increases and reduced selling time are proof of that.

It remains a fact that the market bottomed in December 2008. Buyers who have purchased since then have been rewarded with increasing equity from price increases as well as paying down a small part of their mortgage each month with every payment.

Commentary and analysis provided by David Hess, Executive Vice President.

Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

Spotsylvania County Market Report – 6/4/10

Our crystall ball is officially in the shop getting worked on!  Today’s real estate market is constantly changing.  We used to have a pretty good idea what the next couple months were going to look like in any given year, but nowadays, that is simply not the case!

April of 2010 offered many promising statistics.  What will really be interesting to see is what happened in May when those stats finally arrive.  April was the last month for a Buyer to ratify a contract and qualify for the tax credit.  It was an extremely busy month and houses were selling left and right.  As soon as May arrived, everything slowed down considerably.  The very end of the month started to pick up again and as I write this, we are feeling like we are getting back to an even pace.  Here are the stats for April:

As you can see, inventory dropped dramatically!  New listings and pending sales saw a subastantial increase, while closed sales dropped.  This could be due to the amount of time many short sales are taking to close.  The average days on market decreased 40.4%!  While all of these statistics show that houses are selling quicker and Sellers are receiving higher offers, the very best statistic is the one showing the median sales price increased +9.5% in April!

Spotsylvania’s spring market is just what the doctor ordered!  Now is still a great time to buy with sales prices and interest rates being so low!  It’s also not a bad time to sell as days on market are steadily decreasing and Sellers are receiving much better offers.  We hope you all enjoy your summer and we will let you know when we get our crystal ball back!