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

Centreville, VA Market Report 5/21/10

Centreville is HOT! Steadily rising prices and increasing demand and supply over the past few months means that Good Times are ahead. Plus with great shopping, entertainment and dining options what’s not to like about Centreville?

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

• Homes for sale: 435 (up from 401 last month, and up slightly from 424 at same time last year.)
• Homes Sold: 110 (up from 89 in March and February’s snowy 44 units. Up from 83 one year ago.)
• Average sold price: $337,492 (big jump up from $297,079 last month and WAY UP from $298,761 at the same time last year.)
• Average days on market: 21 (down from 34 last month and even more so from 74 days one year ago)

As we have said month after month, prices in Centreville are moving up and have been for the past 17 months. Over the past several months the market is no longer dominated by only First Time Buyers and Investors. We now have existing homeowners trading up to buy a bigger house.

With prices in Centreville rising and inventory also rising, we should see some stability in pricing soon as the supply rises to met the demand.. This is good for all parties!

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

Centreville, VA Market Report 4/16/10

Centreville has housing styles to fit every lifestyle and every budget. Plus with great shopping, entertainment and dining options what’s not to like?

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

• Homes for sale: 401 ( up from 336 last month, down slightly from 442 at same time last year)
• Closed sales: 89 (more than double February’s snowy 44 units)
• Average sold price: $297,079 (up from $287,280 last month,  and WAY UP from $261,306 in March 2009)
• Average days on market: 34 (down from 47 last month and even more so from 82 days one year ago)

So with these kinds of numbers, is there any doubt about what is going in with Residential Real estate in Centreville? As I have said in previous posts, those who bought over the past 15 months have been rewarded with increasing equity, both from rising house values and the reduction in their mortgage loan from making payments each month.

Prices in Centreville are rising and there is a trend toward declining inventory from which to select. As this trend continues, home prices will continue to rise as a result. In fact as this trend continues, the upward pressure on prices will be just that, Pressure!

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

Centreville, VA Market Report – 3/10/10

Centreville is located in Fairfax County, one of the largest counties in the Commonwealth of Virginia. From Centreville, it’s only a one hour drive to the mountains and three hours to the beach. With reasonably priced houses and a great lifestyle, what’s not to like?

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

• Homes for sale: 312 ( up from 288 last month, down from 402 at same time last year)
• Closed sales: 58 (down from 90 in December)
• Average sold price: $293,369 (down from $304,655 in December, but up from $272,000 in January 2009)
• Average days on market: 41 (up from 36 in December)

Comparing each month to the previous month’s results has been like driving on a country road: small ups and downs, but the trend is unmistakable, prices are going up again. All the great fears and media reports about how the shadow inventory of foreclosures was going to cause a depression have so far been a bunch of hype. The real winners have been the buyers who have braved the media reports and jumped in and bought a house. With or without a tax credit, these folks are already looking very smart for taking action.

Prices in Centreville are rising and there is a trend toward declining inventory from which to select. As this trend continues, home prices should continue to rise as a result.

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

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

Centreville, VA Market Report – 1/28/10

Centreville is located in Fairfax County, one of the largest counties in the Commonwealth of Virginia. Over the past few decades, Centreville has blossomed with home developments and shopping and restaurants. Residents enjoy access to I-66, US Route 29, Virginia Route 28, and Braddock Road. Public transportation options include service from the Fairfax Connector bus lines, which provides service to stations along the Metro’s Orange Line.

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

• Homes for sale: 288
• Closed sales: 90
• Average sold price: $304,655
• Average days on market: 36

For the second month in a row there was very little change statistically in the average sales price from the same time period one year ago, up about one percent.  Prices in Centreville are stable and there is less inventory to select from. If this trend continues, home prices should rise as a result.

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

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

Centreville, VA Market Report – 12/18/09

Centreville is a very popular place to live due to the numerous retail opportunities and a plethora of restaurants in all price ranges. It provides easy access to Route 29 and Route 66 for commuting to Washington DC, Fairfax and Tysons Corner–in addition to all of the employment opportunities along Route 28 in Chantilly and Sterling.

The report below reflects the current market in Centreville, Virginia:

• Homes for sale: 332
• Closed sales: 98
• Average sold price: $306,090
• Average days on market: 33

Last month there was very little change statistically in the average sales price from the same time period one year ago. The month before that, house prices were down 10% compared to one year ago. However, this month the numbers show prices up 3.8% from one year ago. Clearly, Centreville is now joining the ranks of markets where the stats show stability to increasing prices.

Growing consumer confidence, an extension and expansion of the Federal Housing Tax Credit, along with investors looking for long term, high growth investments are moving more buyers into the market.

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

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