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

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

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

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

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