Leesburg, VA Market Report – 10/19/11

Ending the 3^rd Quarter, the Leesburg Market has seen a resurgence of the average sales price, up nearly 16% over September of last year.

2010 saw this market hit extremely hard with foreclosures.  Many of these homes had been totally abandoned and sat vacant for months at a time.  With the decrease in the number of homes on the market in substandard conditions the average sales price has recovered very nicely.

Let’s look at the statistics for zip codes 20175 and 20176:

All indications show that the Leesburg market will continue to enjoy a steady increase in value.  While Loudoun County has seen a slight decline in the average sales of $405,895 year over year, this is a refreshing highlight for the Leesburg Market, hit so hard by the distress property sales of last year.

Commentary and analysis provided by Jim Agnew, Avery Hess, Realtors, Dulles/Westfields Regional Office
Search for homes in Leesburg, VA and the entire DC Metro:www.averyhess.com

Leesburg, VA Market Report – 6/7/11

Our Northern Virginia Market continues to show a steady increase in the average sale price.  And with the exception of a few isolated markets, the average sales price continues to increase year over year.

However, the Leesburg, VA statistics do not reflect the overall climate of Northern Virginia.  While most markets have shown modest gains in sale price along with slight decreases in number of active listings and slight increases days on market, the Leesburg market shows reverses in all trends.

This is probably dictated by the further commuting distance to employment centers, and by the age of the current properties on the market and the true lack of home sales compared to the hot bed of new home sales in the Southern Loudoun markets such as Ashburn, Aldie, and Chantilly.

Let’s look at the Statistics for April:

101 Sales for April, 2011 (Down 18% from 124 Sales in April 2010)

199 Listings for April, 2011  (Down 7% from 214 Listings in April 2010)

Average sales price for April, 2011 was $411,933  (Down 1.5% from the Average of $411,933 in April 2010)

Average days on the market listing to contract for April, 2011 was 80 (Up 36% from 51 days in April 2010)

When you are considering selling your home or purchasing a new home, pick a reputable, well know and well-capitalized company, interview at least 2 qualified agents, and move forward.  If you’re purchasing, interests rates are still at all time lows.  If you’re selling, join the market while there is still limited inventory and interest rates are still attracting buyers!

Commentary and analysis provided by Jim Agnew, Avery Hess, Realtors, Dulles/Westfields Regional Office
Search for homes in Leesburg, VA and the entire DC Metro:www.averyhess.com

Leesburg, VA Market Report – 1/24/11

Leesburg, VA Market Report – 11/15/10

Leesburg is a very stable real estate market. Check out the stats below and see for yourself.
The figures below reflect the Leesburg, Virginia market during the month of September 2010.

• Homes for sale: 570 (down a little from 585 in August and about the same as 571 one year ago)
• Homes sold: 87 (about equal to 86 last month and 88 one year ago)
• Average sold price: $410,491 (down from 431,213 in August but up from $400,991 same time last year.)
• Average days on market: 57 (down from 63 in August and down from 66 one year ago.)

One year ago the sales were influenced by the First Time Homebuyer Tax Credit. This year’s numbers are without benefit of a tax credit. Proof that buyers do not need stimulus from the government to know a good value when they see it and here in Leesburg it can’t be missed!
Interest rates are in the 4s. Is now a good time to buy? You decide.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

A Hint of Napa in Virginia

In recent years, Virginia has earned a burgeoning reputation as one of the nation’s best wine producing states. While the Old Dominion is not considered the equal of California or the Pacific Northwest, it’s held in high regard, and two of the state’s finer vineyards lay just an easy jaunt to the west.

Fifty miles west of Arlington, a leisurely, winding drive along Route 7 sits Bluemont Vineyard. The winery rests on top of the highest hill in the area. At an elevation of 951 feet, their slate outdoor patio has sweeping vistas of the plains and farms below, and on a clear day, visitors can catch planes landing at Dulles Airport.

The place has an almost Colonial feel to it. When arriving, you might find gentlemen engaging in a form of craft-making. Last Saturday, standing to the side of the door was a retired man carving a table leg by hand, the wood flying on a spindle, a smile on his face as he enjoyed a reasonable warm November day.

Inside the feel of the winery is just as charming, with soft yellow walls accenting a grey stone floor. Eccentric wooden benches encircle unique wooden tables, an atmosphere that begets enjoyment. For just five dollars guests can enjoy six tastings, small sips of an array of different wines. Among the pours last week (they rotate depending on the mood of the server) were oaky chardonnays, fruity peach and strawberry wines, and a range of bold and dry reds. After the tasting, be sure to head upstairs, where local farmers bring wares to ply. Last Saturday, a Mennonite man offered samples of homemade cheese. Among his finest was a sharp, white cheddar, aged two years, crumbly yet soft.

A good second winery to visit, just ten miles back toward Leesburg, not far from the beautiful rural town, is Dry Mill Winery, the newest vineyard to hit the growing Virginia scene. But it may be its finest.

Dry Mill resides inside an old, converted barn, and the best place to do tastings there is the second floor banquet hall. The barn remains in the same state from when it was first built, with all the floors, exposed beams and trim still the original wood. Sharp white walls provide a lovely contrast to the dark oak. In the hall are two long tables, which can hold up to twenty people.

While the scenery at Dry Mill is nowhere near as picturesque as Bluemont, they make up for it with superior wines. While all their reds and whites tasted outstanding, their 2007 syrah packed a punch, a vintage and grape capable of holding its own against any syrah from any winery across the United States.

The red is a fantastic way to end an afternoon, a reminder that Virginia has the potential to one day be mentioned in the same breath as California. They already though, have the atmosphere and culture down pat though. While less than 45 minutes outside the Beltway, the wineries feel a country way, a Napa-esque world, right in our own backyard.

- David

Leesburg, VA Market Report – 9/16/10

Leesburg is a very stable real estate market. Check out the stats below and see for yourself.

The figures below reflect the Leesburg, Virginia market during the month of June 2010.

• Homes for sale: 585 (up a little from 576 in July and from 541 one year ago)
• Homes sold: 86 (down from 119 in July and 117of one year ago)
• Average sold price: $431.213 (down from 439,662 in July but up from $412,245  same time last year.)
• Average days on market: 63 (very stable through 2010, and down from 84 one year ago.)

The numbers in Leesburg prove that we do not need tax credits to sell houses. People know a good value when they see it and here in Leesburg it can’t be missed.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com