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

Ashburn, VA Market Report – 12/2/09

Here’s a look at the latest market trends from Ashburn, Virginia:

• Homes for sale: 391
• Closed sales: 102
• Average sold price: $382,665
• Average days on market: 40

The average sales price took a huge dive from last month in large part because the majority of what was sold was comprised of lower priced properties. As a result, the average sales price dropped from $424,550 to $382,665. Common sense tells us that the market did not drop by 10% in one month. What we’re faced with now is a statistical anomaly that should smooth itself out over time.

In the meantime, almost any home priced under $350,000 in Ashburn is getting multiple contracts. The average days on market one year ago was 61 days, last month 43 days, this month 40 days; the trend is unmistakable.

Ashburn is convenient to numerous major transportation routes. Within a few years the Dulles Airport extension of the Metro rail will add one more transportation option to the many that already exist in the area. Numerous restaurants throughout the area give residents a large number of dining options to choose from. Every major chain and type of cuisine is represented in the area.

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 – 10/21/09

The statistics below reflect the market in Ashburn, Virginia:

• Homes for sale: 404
• Homes sold: 97
• Median sales price: $424,550
• Average days on market: 43

What is interesting in preparing our reports is that we always pull the current month, the previous month of this year, and the current month of one year ago. Looking at the average sales price progression: September 2008 – $412,727, August 2009 – $421,493, September 2009 – $424,550, we notice a steady upward march of average sales prices.

Prices are rising because supply is falling and consumer confidence is rising. All of the makings to lay the base for market stability.

Ashburn remains popular with buyers who favor excellent transportation and close proximity to Dulles Airport. The area also sports modern housing styles, a variety of retail and dining choices, and good employment prospects in Loudoun and Fairfax Counties. And golf. Yes, there are numerous public and private golf courses close by to Ashburn.

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 – 9/24/09

The following report reflects the market in Ashburn, Virginia:

• Homes for sale: 406
• Homes sold: 123
• Median sales price: $410,726
• Average days on market: 46

Ashburn is a popular community of newer homes with many community amenities. It is located near many growing employment corridors, including the Dulles Technology corridor, as well as Route 28, Tysons Corner, and Leesburg.

Homes for sale were down to 406 from 440 last month. Home sales held steady, 123 compared to 121 last month, which signifies a stabilizing market. Though median sales price was down to $410,726 versus the previous month’s $473,226, the average days on market of homes sold is only 46, down from an average of 60 days last month.

Low interest rates combined with the lower median sales prices in Ashburn has made this a very popular community, especially with buyers seeking to settle before the November 30 deadline to take advantage of the Federal Housing Tax Credit for first-time home buyers.

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