Bristow, VA Market Report – 1/30/12

The Northern Virginia market is currently experiencing the lowest inventory levels we’ve seen in the past 5 years.  Prince William County and the Bristow market are also seeing low inventory levels.

When analyzing the statistics, the data shows that Prince William County’s total sales volume has remained steady year after year, the Bristow market has seen a gain of 67%.  The Prince William County market experienced a peak in volume in July, 2011, then showed a steady decline through October, and has shown a rapid recovery this past November and December.  In Bristow, all indications show that January, 2012 will mirror this trend.

Let’s look at the Stats:

With interest rates at an all time low, home prices remaining steady, and inventory at a 5 year low, now is the time to make that decision to sell or buy.  If you are considering selling and moving up, now is the time.

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

Spotsylvania County Market Report – 1/24/12

December ended with a bang!  While December is typically a slow month, the last couple of years have changed a bit.

Spotsylvania ended the year with an 18.75% increase in closed sales, a 5.58% increase in median sales price, a -17.86% reduction in days on market and a 21.21% increase in detached units sold!  That is fantastic news!

Sales rose, days on market declined and median sales price increased!  That is what needs to start to happen for us to ever begin to see a true recovery.

Read on for more stats:

One stat that has continued to be the same for quite some time, not only in Spotsylvania but in surrounding counties as well, is that we need more listings!

New Listings were down -6.62% and active listings were down -24.28%.  This has been the same story month after month. There are so many Buyers out there and many of them are just waiting for the right house to come on the market. If you are considering selling now is a great time to do it!

Foreclosures and short sales are still popping up everywhere. Banks are being very strict in making sure they receive no less than market value on the sales they are involved in, so that is helping with our prices. Many short sales are going through – so if you are having trouble making your payments, make sure and contact an experienced Realtor who can help you avoid foreclosure.

January is off to a great start!  We are expecting a great spring and this is a great time to jump into the local market!

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

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

Chevy Chase, MD Market Report – 1/18/12

Chevy Chase, Maryland is both a town and an unincorporated city. It is primarily a residential suburb with high end shopping, restaurants and luxury living in single-family homes, rental apartments and condos.

At one time, many of the smaller houses in Chevy Chase were being torn down and large “McMansions” were being built in their place, but this seems to have slowed with the turn in the real estate market.  However, homes, apartments and condos in the Chevy Chase area are still in high demand and bring high prices.

There seems to be an upturn in the market in recent months as indicated in the chart below.

Wondering why prices seem so high?  Chevy Chase’s close proxcimity to Washington D.C. makes it an expensive area to live with a highter median household income compared to the rest of Maryland.

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

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

Centreville, VA Market Report 1/16/12

The Centreville market has seen a 10% decline in average sales price from December 2010, while Fairfax County has also seen a reduction of 2.3%.

Centreville is one of 3 markets in Fairfax County with a high percentage of townhouses and lower priced detached homes.  These markets are influenced more by changes in the economy due to employment and tighter lending requirements, than other areas of Fairfax County.

Earlier projections of a recovery of the Centreville Market in 2011 have dimmed due the continued lack of consumer confidence.  We started 2011 with pending sales at a very low level, they doubled in the 2^nd and partly through the 3^rd quarter, then fell back to nearly the level of December 2010.

The year ended with the lowest inventory in Fairfax County in nearly 5 years, from a high of 7,900 active listings in August 2007 to a low of 2,300 in December 2011.  Those thinking of selling should consider their options while the inventory is low, and new home builders are anxious to sell, it is an opportunity to move up.

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

McLean/Tysons Corner, VA Market Report – 1/11/2012

They say the only thing constant is change.

Tysons Corner is going through changes and there is no doubt about it as you pass by on the Beltway.  Just when you think you’ve gotten the roads figured out, they change. But don’t worry, this too shall pass. Since the only thing constant is change and change is good, you can bet Tysons Corner will be bigger and better than ever when construction is complete and the metro system is in place.

The figures below might be an indication of the holiday traffic conditions in the Tysons Corner area during December. It shows a slight drop in total revenue from the month before. While the number of units sold came down slightly, the average sales prices have increased.

With interest rates at an all time low and ongoing plans to make Tysons Corner a walkable, sustainable, 24-hour urban center where you’ll live, work and play; people are going to take advantage of these wonderful market conditions and buy in the Tysons Corner area. It’s an exciting, dynamic place to live and will only get better with time. It’s going to be a place where you can have it all – business, shopping, entertainment and right now, affordable housing. “Work to live!”

Want to see what’s available?  Contact us at AveryHess.com.

Market data and commentary provided by Charlie Carroll and Pattie Mancini

Centreville, VA Market Report 12/28/11

The Centreville market is divided into 2 distinctive markets 20120 located North of Lee Highway and 20121 which is South of Lee Highway.  The Southern zip code has enjoyed more stability in sales, average sales price and days on the market.

The 20120 zip code, which suffered in 2010 from a huge number of foreclosures and an exaggerated drop in average sales price has now begun to recover but still lags 8% behind the more affluent 20121.

The last time we visited Centreville in September, the market was beginning to catch up with the average sales price of Fairfax County, it now lags nearly 28% behind.

Earlier projections of a recovery of the Centreville Market in 2011 have dimmed due the continued of consumer confidence.  We started 2011 with pending sales at a very low level, and then they doubled in the 2^nd and partly through the 3^rd quarter then fell back to nearly the level of November 2010.

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.