Posts Tagged ‘Fairfax County’
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
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
Great Falls/McLean, VA Market Report – 10/2/2009
The following tables represent the market in Great Falls and McLean, Virginia:
| Great Falls | Aug-09 | Aug-08 | % Change | Jul-09 |
| Active Listings | 195 | 188 | 3.7% | 203 |
| Homes Sold | 21 | 24 | -12.5% | 26 |
| Average Sales Price | $1,087,710 | 1,056,135 | 3.0% | $1,121,846 |
| Average DOM | 190 | 131 | 45.0% | 160 |
| McLean | Aug-09 | Aug-08 | % Change | Jul-09 |
| Active Listings | 399 | 427 | -6.6% | 445 |
| Homes Sold | 67 | 67 | 0.0% | 69 |
| Average Sales Price | $872,806 | $996,875 | -12.4% | $935,730 |
| Average DOM | 92 | 110 | -16.4% | 78 |
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:
| Reston | Aug-09 | Aug-08 | % Change |
| Active listings | 352 | 453 | -22.3% |
| Homes sold | 104 | 84 | 23.8% |
| Average sales price | $413,492 | $386,858 | 6.9% |
| Average DOM | 51 | 82 | -37.8% |
Herndon |
Aug-09 |
Aug-08 |
% Change |
| Active listings | 342 | 553 | -38.2% |
| Homes sold | 119 | 123 | -3.3% |
| Average sales price | $410,897 | $362,073 | 13.5% |
| Average DOM | 57 | 94 | -39.4% |
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
Fairfax County Market Continuing To Show Increased Stability
For those waiting those waiting to buy a home “At the bottom of the market”, it would appear, in my opinion, that the bottom of the market has come and gone! While we are not seeing price appreciation at this time, we ARE seeing: Multiple contracts on homes priced less than $400,000, bidding wars, homes going for more than list price, and a quicker sale than we have seen over the last few years. I have reports of one property even having 32 offers on it!
Here are the latest Fairfax County Statistics, for the month of March:
2009 2008 % Change
Average Sold Price $378,347 $466,378 -18.88%
Total Units Sold $1,040 929 11.95%
Average Days On Market 92 118 -22.03%
Active Listings 6,105 8,016 -23.84%
Throughout NOVA, housing inventory is running at the lowest level in 3 years, and only seems to be decreasing at this time.
What does this mean? If you’re a buyer, it’s time! Great rates, an $8,000 tax credit (consult IRS for details!), and a stable market! If you are a seller, the buyers are out there and with a home in good condition and priced properly, you will get an offer!
It’s a great time to buy or sell real estate!
