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

• Total Active Listings – 312
• Under Contract – 130
• Total Sold – 85
• Avery Sales Price – $377,773
• List to Sell Ratio – 98.03%

These numbers show an improvement in several areas over the same period last year.  The number of units sold was not changed significantly but the average sold price increased by $45,000.  The days on market decreased from 91 to 34 and sellers were getting 98% of their asking price up from 91% last year.  So it appears that things are looking up.  But are we in a buyer’s market or a seller’s market?  To determine that, lets look at the absorption rate.  Here’s how it works.  We determine the total number of active & pending listings (442), and the total sold last month (85).

85 x 12 (months) = 1020

1020 / 52 (weeks) = 19.62 (units sold per week)

If 19.62 units sell each week, divide that number into the number of active listings.

442 / 19.62 = 22.53 weeks or 5.63 months (Absorption Rate)

The absorption rate means that it would take 5.63 months to sell all the inventory.  Absorption Rate is not an exact science.  One month does not determine what the market is, there needs to be a trend of perhaps 3 or 4 months.

When the rate is 1-4 months it is considered a seller’s market.  Buyer’s market conditions exist when its 7+ months.  Between 5-7 months “normal market” conditions exist.  It’s not quite a trend yet, but Springfield is experiencing normal market conditions.

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

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

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

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

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

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

• 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

• 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

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