Reston/Herndon, VA Market Report – 10/26/09

The below statistics for Reston and Herndon are pretty amazing.  We are seeing the active listings plummet yet again over the same time last year, but very impressive gains in average sales prices in both communities.

In Reston, the most notable standout is the 27.3% increase in the average sales price.  I attribute this increase primarily to more expensive homes finally beginning to sell in Reston that were not selling at the same time last year.  Sales are pretty consistent, but the average days on market (DOM) is drastically down, primarily due to the decreased inventory that is on the market.

In Herndon, we see a 17% increase in average sales price and a 59.8% decrease in days on market.  The interesting thing about Herndon is that the number of homes sold actually decreased from last year by 28.8%.  This is mostly due to the decreased inventory on the market more than anything else.

All indications appear that we are heading to a return of a healthy local housing market.  The clock is ticking for people to take advantage of the $8,000 federal tax credit for first time homebuyers, and it certainly is also a great time to put a home on the market with the low inventory and the pent up demand.

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 – 10/20/09

Most indicators for Fairfax County continue to show signs of improvement and Springfield is right in line with that prognostication. The recent highway improvements at the Mixing Bowl have made the confluence of the three major highways along the 1-95 corridor an important part of the future growth of the area. With the base relocation project forecasted to bring thousands of new jobs to Fort Belvoir, Springfield will surely see an influx of buyers moving to the area. It appears that through three quarters in 2009 the housing market has continued to improve and opportunities for both buyers and sellers are available. The following are significant statistics for Springfield in September:

• Active listings: 300
• Closed sales: 93
• New listings: 117
• Pending sales: 103
• Average sales price: $371,264

As with most areas in Northern Virginia, the available inventory of housing has declined from previous years. The number of units sold in September was down 8% from 2008, but the average sales price was up by nearly 4%. The average days on market declined dramatically by 30% from last year. These last three statistics are significant for buyers and sellers. The amount of inventory is down (supply) and the average sales price is up (demand). Buyers are facing multiple offer situations so they must be aware of what they are competing against. For sellers, the low inventory translates to less competition and houses are selling 30% faster. Properties are being sold at 95% of the original list price, up 2% from last year. Conditions at this time reflect win-win situations for buyers and sellers. Be sure to contact your Avery-Hess Realtor to get all of the up to date information you need to help you make the most intelligent and informed real estate decisions.

Market data and commentary by Charlie 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 – 10/15/09

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

The Vienna and Dunn Loring housing market is definitely showing signs of stabilization. With active inventory down almost 12% in September, we see the time on market and average sales prices holding pretty consistent to last year’s levels. Even better, we see more homes being sold, with just over 13% more than the same time last year. Seeing a little uptick in the average sales price mirrors what we are seeing across the area–distressed properties are being absorbed and more regular sales are occurring. At this time, however, we still see a significant number of short sales, but the banks are more willing to deal with them to prevent expensive foreclosures. Because of this, we are seeing more successful closings of short sale properties. This is also helping to stabilize the market.

Finally, buyers trying to take advantage of the “First Time Homebuyer” tax credit are increasing the demand on properties. At this point, there is less than 45 days for people to take advantage of this, and I expect that we will continue to see high demand until it expires at the end of November.

The great thing about the market now is buyers are getting very good value on their purchases, and since there are buyers out in the market, sellers are actually able to sell their homes. It is refreshing to see, and I would encourage both buyers and sellers to get in the market as soon as possible to take advantage of the current conditions.

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

Great Falls/McLean, VA Market Report – 10/2/2009

The following tables represent the market in Great Falls and McLean, Virginia:

The Great Falls market continues to show strong signs of recovery and positive appreciation from 2008.  From the data, we can see a small increase in inventory as sellers begin to come back to the market to take advantage of new buyers.  While the number of homes sold dropped slightly from the same time last year, we see that the average sales price has increased 3%.  The anomaly here is that days on market (DOM) increased almost 45%.   This is typical of cases when a single home that has been on the market a very long time has been sold during the month, and it tends to skew the numbers.  With demand increasing in the lower priced markets in Northern Virginia, I believe that we will see move-up buyers purchasing homes in Great Falls and anticipate demand to be good for the rest of the year.

The McLean market, on the other hand, is showing decreasing supply and a significant drop in days on market.  Although the average sales price has fallen 12.5% over the same time last year, the demand for homes under $800,000 is significant, and is one of the main things causing a drop in the average sales price.  We are seeing multiple contracts in homes priced in that range.  To give you a comparison of active listings, there are only 155 homes under $1,000,000 on the market, while there are 244 active over this price point in August.  Similar to Great Falls, I expect the demand for the lower priced homes to begin bringing move-up buyers into the upper price ranges in McLean.  My belief is that McLean will be a consistent and stable market the rest of the year.

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

Springfield, VA Market Report – 9/30/09

Springfield, Virginia has long been a  well-established area of Fairfax County. Situated near the confluence of I-395, I-495 and I-95 in what is called the Mixing Bowl, the area is popular among commuters. Aside from these Interstate Highways, Springfield also has easy access to the Fairfax County Parkway which is the major cross county road to the Dulles corridor and Loudoun County. In addition Metrorail, Amtrak and Virginia Railway Express all serve the area’s large population.

The following data reflects the market in Springfield:

• Active listings: 152
• New listings this month: 98
• Pending sales: 235
• Pending sales written this month: 40
• Sold this month: 66

Inventory continues to decline while buyer interest is growing, which is a dilemma that is confronting the entire region. Traditionally this would be encouraging news to sellers, but private sellers seem to be reluctant to enter the market because home values have declined. The number of bank properties has diminished so buyers are competing for the few good homes that are available. This truly is a great time for both buyers and sellers.

For buyers, interest rates remain low, prices have come down, and there is still time to take advantage of the $8,000 federal tax credit. For sellers, since inventory is low, competition is low. If you price your house appropriately and it is in relatively good marketable condition, you will most likely be rewarded with multiple offers–allowing you to realize a sales price that is higher than your asking price.

Winter is coming. Take advantage of all the right reasons to buy and sell.

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

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

Reston/Herndon, VA Market Report – 9/25/09

The following statistics represent the market conditions in Reston and Herndon, Virginia:

There are two things that are definitely driving the market in both Reston and Herndon, and that is a shrinking inventory of active listings and the $8,000 federal tax credit available to buyers who have not owned a home in the last 3 years. The statistics in these two areas are very impressive.  The lower priced inventory in both areas are driving a number of the statistics we see here. In fact, since there is now a shortage of foreclosures on the market, we should continue to see some impressive numbers for the rest of the year.

In Reston, we see a decrease of over 22% of active listings on the market and an impressive sales jump of 23%. Couple that with an almost 7% increase in average sales price and homes selling after an average of 51 days on the market (DOM), and the market looks like it’s almost back to normal. But just what is a normal market? A normal market consists of homes that are priced correctly and in good condition to sell within 30 or 60 days. A 37% drop in time spent on the market is definitely impressive and indeed a sign of the increased demand.

Herndon shows similar numbers, but with a couple of interesting differences.  Days on market has come down to closely mirror Reston, just as the number of active listings has grown. However, the average sales price has increase 13.5%, a growth of almost twice that of Reston. The interesting statistic in Herndon is that sales actually went down 3.3% from the same time last year. This can simply be attributed to the lack of inventory on the market due to a lack of foreclosures coming onto the market now. This lack of inventory is one of the reasons for the increased sales prices as well.

Buyers are out and homes are selling!  If I were thinking of selling my home, I would strongly consider getting my home on the market now,while inventory is low and the tax credit is still available.

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