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

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

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