Ashburn, VA Market Report – 7/19/10

Supply and demand are both growing in Ashburn, reflecting a growing economy and increased consumer confidence. According to the statistics, we have a balanced market with just under a four month supply. The conventional wisdom is that a balanced market has a six month supply. So the current direction on prices is still indicating up.

• Homes for sale: 511 (up from 497 in May  and up from 433 one year ago)
• Homes sold: 133 (about the same as May’s 131 and up from 123 in May 2009)
• Average sold price: $441,119 (down a bit from last month at $451,953 and about the same as $440,838 in May one year ago)
• Average days on market: 27 (the same as in May, but way down from 62 one year ago)

27 days on the market! A few years ago a 27 day average would have prices rising two percent or more per month. While fundamentals never change, there are times in every kind of market when things just get a bit out of whack. It happened in 2003-2006 when prices got bid to very high levels. While the statistics reflect a stable market, which is based on a comparison of month to month and one year ago, if we look back 18 months, we can see how far prices have come from their bottom in December 2008.

But c’mon, 27 days on the market?! When market times get that low and inventory is under four months, it is safe to forecast big price jumps. So that is my forecast.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Ashburn, VA Market Report – 6/2/10

• Homes for sale: 516 (up from 458 last month and up from 479 one year ago)
• Home sold: 116 (up from 109 last month and up from 93 in April 2009)
• Average sold price: $429,339 (big jump from last month at $405,379 and $406,660 one year ago)
• Average days on market: 55 (up from 49 days last month but down from 84 one year ago)

Supply is growing, but so is demand. A six month supply is considered a balanced and healthy market. At the present rate of sales Ashburn has just over a four month supply. That is bullish for rising prices. And with interest rates at or below 40 year lows, there is still room for this rally to run.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Ashburn, VA Market Report – 4/27/10

Here’s a quick snapshot of the market in Ashburn, Virginia

• Homes for sale: 458 (up from 420 last month and down from 479 one year ago)
• Home sold: 109 (up from 70 last month, up from 87 in March 2009)
• Average sold price: $405,379 (almost unchanged from $402,345 last month and $402,019 one year ago)
• Average days on market: 49 (down from 59 days last month and down from 75 in March 2009)

After rising steadily from the bottom of the price cycle in December 2008, Ashburn, based on these statistics, is the rock of stability.

It’s that time of the year when more houses come onto the market and this year is no exception. 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 greatest thing about Ashburn is that it is flush with such a huge diversity of homes, an individual or family can keep trading up or down in size and style without ever changing grocery stores!  You can have change and stability at the same time.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Ashburn, VA Market Report – 3/23/10

Here’s a quick snapshot of the market in Ashburn, Virginia 

• Homes for sale: 420 (up from 404 in January and down from 465 one year ago) 
• Closed sales: 70 (up from 65 in January, up from 60 in February 2010)
• Average sold price: $402,305 (down from $423,445 last month, but up from $401,215 one year ago)
• Average days on market: 59 (up from 51 days last month, but down from 78 in February 2009)

When you consider that there were only about 20 selling days in February due to the two record back to back snow storms, to have more sales in February 2010 than 2009 speaks to the sense of urgency that buyers have as confidence returns to consumers in the Greater Washington, DC area. 

Prices in Ashburn are stable to rising over the past year, but what influences the averages and medians are the quantity of lower priced houses that are selling. The bottom of the price range is still where the predominant amount of activity is occurring. The market bottomed in December 2008 and many who have purchased since then have actually already benefited from an increase in their equity position as prices have firmed and risen.

Perfectly normal is the fact that more houses are coming onto the market. We expect the number of homes coming on the market to increase each month for the next four months as is normal. The seasonality of residential real estate has not been repealed. 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 because it is flush 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. You can have change and stability at the same time.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: 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

Ashburn, VA Market Report – 1/11/10

Ashburn, Virginia is located in Loudoun County, and sits within the Dulles Technology Corridor. Dulles International Airport is nearby, and Ashburn is also home to Redskins Park, headquarters of the National Football League’s Washington Redskins.

The following statistics represent the housing market in Ashburn:

• Homes for sale: 368
• Closed sales: 111
• Average sold price: $429,827
• Average days on market: 43

The average sales price took a big jump back to where it had been tracking 60 days ago. Last month’s big drop was a statistical aberration caused because the majority of what was sold was comprised of lower-priced properties. As a result, the average sales price dropped from $424,550 in October to $382,665 in November, and for December it’s back up to $429,827, which continues the steady trend of rising prices again.

Housing inventory continues to decline as the best buys get picked off. The average days on market one year ago was 69 days, last month 40 days,  and this month 43 days;  so the norm is somewhere in the 40-45 day range, which is very healthy.

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