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

Centreville, VA Market Report – 11/11/09

Centreville, Virginia is a very popular place to live due to the numerous retail opportunities, a plethora of restaurants in all price ranges, and its close proximity to historical sites within 30 minutes drive time. The moderate average sales price puts Centreville within range of the majority of home buyers.

The data below represents the current market in Centreville:

• Homes for sale: 351
• Closed sales: 98
• Average sales price: $301,899
• Average days on market: 20

Statistically there is very little change in the average sales price from the same time period one year ago. This is a big change from what we wrote last month when we reported that compared to one year ago, house prices were down 10%. In comparison, the statistical differences are not as dramatic as they have been.

Compared to last month the average price is up a little over 3%. Here, the big difference is in the number of houses available to choose from, which is down 25% from the same time in 2008.

Growing consumer confidence, coupled with investors looking for alternatives to the low rates being paid on savings, is 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

Centreville, VA Market Report – 10/8/09

Centreville is approximately 20 miles outside of Washington, DC, in Fairfax County, Virginia. In August, the vast majority of the houses in Centreville were sold using conventional and Federal Housing Administration (FHA) financing because the average and median sales prices were all below the conforming loan limit for conventional financing.

These totals represent the market conditions in Centreville, Virginia:

• Homes for sale: 375
• Closed sales: 100
• Average sales price: $326,422
• Average days on market: 61

A continued increase in activity is shown by these numbers as last month only had 94 sold homes and 394 new listings for sale. Each month in Centreville we have seen an increase in sales and a decrease in inventory selection.

Though the average home price is down approximately 10% from same time in 2008, there is a strong demand for homes in the Centreville market as buyers race to get in before the November 30 deadline to get the $8,000 federal tax credit for first-time buyers. And each month the difference in sales price from the previous year keeps getting smaller. These statistics lead me to believe we are approaching price stability.

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