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

Reston/Herndon, VA Market Report – 12/9/09

The market statistics for the Reston and Herndon housing market present a very interesting situation.

When comparing statistics from October 2009 to October 2008 in Reston, we see that active listings are substantially lower this year, the sales increase is an astronomical 54%, and average days on market have plummetted almost 48%.  The average sales price did decrease by 7.7%, and this is an indication that the market has hit the right price point with all the other positive numbers.

In Herndon, we see a little bit different situation.  Active listings are down significantly, average days on market has decreased an amazing 67%, and the interesting statistic is that average price increased 32%.  However, homes sold fell 37.8%.  In my opinion, the reason this figure is falling and the average sales price is increasing because there have not been as many foreclosures on the market this year.  Because of that, the homes sold, did sell for more money, and because the prices were up the number of homes sold fell as a result.

I predict a strong market to continue through the Spring, with the continuation of the First-Time Homebuyer Tax Credit, and the expansion of it to include a tax credit for move-up buyers.  Homebuyers who have owned and lived in their home for five of the last eight years are eligible for up to a $6,500 tax credit as well.  Please see your accountant for full details, but this should definitely spark more buying and selling over the course of the first few months in 2010.

Market data and commentary  provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

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

Springfield, VA Market Report – 12/3/09

The preliminary figures for November in the Springfield, Virginia market continue to give some cause for optimism, yet also reflects some caution.

• New listings: 69
• Closed sales: 85
• Pending sales: 191
• Average sold price: $347,339
• Average DOM: 28

The number of pending sales increased by 60% from the previous month as buyers scrambled to take advantage of the tax credit, which was eventually extended to the end of April. New listings however, decreased by more than 50%, further reducing the available inventory. The average days on market (DOM) dropped from 42 days to 28 days. This time last year the days on market was over 100. So, these numbers all reflect a shift in the supply and demand, which will hopefully return the market to normalcy. Though, the average sales price decreased 3% from October, our biggest concern now is the lack of new inventory. There are buyers ready to move forward but the number of available homes presents a problem. Now is a perfect time for sellers who are looking to move up into a larger home. The low inventory, particularly in the entry market price range, allows sellers the best chance to get a quick offer at good price.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Vienna/Dunn Loring, VA Market Report – 11/24/09

The table below represents the current market in Vienna and Dunn Loring, Virginia:

The Vienna and Dunn Loring housing market is still showing signs of stabilization.  Once again, most of the statistics for October 2009 show an improvement in the market over 2008.  We see active inventory down significantly, sales up significantly, and the average days on market down significantly.  The only number that looks negative, but really isn’t, is a drop in average sales price of 3.6%.  This is a fairly low drop, and given the other trends, is actually showing that the market is stabilizing.

With the recent extensions of the First-Time Homebuyer Tax Credit, I believe we will continue to see the market improve.  More importantly, one of the new provisions in the extension is a tax credit for people who have lived in their home for five of the last eight years who want to move into a new home.  They are eligible for up to a $6,500 tax credit as well.  (Please consult your accountant for full details of the credit!)  But what this will hopefully do is spur people who would like to move up to sell their lower priced property and purchase another home.  The market is quite ripe, with high demand in the lower priced homes and a bit softer on the more expensive homes.  Conditions are perfect for moving up!

This extension is for people under contract by April 30, 2010.  If you are thinking of making a move, it would be best not to wait too long. With the market stabilization and multiple contract offers that we are seeing, combined with the tax credit extension and expansion, I believe that we are returning to a more normal, stable market.  This should bode very well for the local area.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

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

Springfield, VA Market Report – 11/13/09

The past month showed encouraging signs in the real estate market for Springfield, Virginia. The following figures reflect the upturn in activity:

• New listings: 111
• Sold listings: 80
• Pending sales: 116
• Average sales price: $358,024
• Average DOM: 42

As October drew to a close there was some uncertainty regarding whether the First-Time Homebuyer Tax Credit would be extended. This may account for the increase in pending sales as buyers were hurrying to get under contract. On another positive note, the average sales price increased by nearly 5% to $358,024, and the average days on market (DOM) decreased 50% to just 42 days. One of the most telling signs was the list price to sales price ratio. This figure also increased by 5% to over 97%. Last week the President signed the bill extending the tax credit until April 30, 2010. Buyers now have until then to be under contract and an additional 2 months to settle. The bill also provides for a tax credit for step-up buyers who have been in their homes for five consecutive years and are ready to move up to another home. Contact me or any Avery-Hess agent for all the information you need for your next real estate transaction.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Great Falls/McLean, VA Market Report – 10/30/2009

The data below reflects the market conditions in Great Falls and McLean, Virginia:

The Great Falls market continues to show impressive results over the same time period in 2008.  With inventory down 5%, average days on market down 30%, and homes sold up by an impressive 81.8%, the buyers are definitely out and about in Great Falls.  The only disappointing number was that the average sales price was down 3.9%, but given the small number of transactions in the Great Falls market, we would expect to see fluctuations in average price, and it is not a substantial one.  The other robust numbers show a recovering market, although the small sample size can also explain an 81% increase in sales.  Overall, very good news for the market.

McLean is also showing great numbers against the same time last year.  Inventory is down almost 10%, but sales are up 97%.  It did take longer to sell homes, by 18%, and prices fell 4% over last year.  These numbers are still strong, with the inventory and sales levels showing recovery in the McLean market.  Lower priced homes are also selling well, which has brought the average price down a bit.

With the new tax credit that Congress is considering, which will expand the tax credit to move-up buyers who have lived in their homes for at least 5 years, as well as new homebuyers, I foresee a great market in both communities through the Spring.  If you are thinking of moving up, and this act passes, be sure to get your home on the market as soon as possible, as you will need to be under contract on your next home by April 30, 2010.  This will most definitely help our recovery along through the Spring market.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

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