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

• Homes for sale: 618 (down from 646 last month, and down from 643 one year ago)
• Homes sold: 91 (down from the tax credit induced frenzy  of 108 last month)
• Average sold price: $417,479 (down just a smidge from $420,963 last month but still up from $385,551 same time last year.)
• Average days on market: 59 (up from 55 last month and way down from 113 one year ago.)

Increasing consumer confidence combined with historically low interest rates have combined to help make it fun to trade up to a larger house again. Homeowners with equity are finding good demand for their homes and are happy with the supply of higher priced houses they have to choose from. Prices in Leesburg reflect this new healthy and stable market.

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

• Homes for sale: 470 (up from 460 last month and down from 507 one year ago.)
• Homes sold: 121 (up from 111 last month but pretty stable compared to one year when there were 123 sales)
• Average sold price: $328,097 (up from $318,038 last month and $286,037 one year ago. +14%)
• Average days on market: 23 ( down from 30 last month and very stable so far in 2010, down from 86 one year ago)

Here we are Post-Tax Credit. The predictions of Doom & Gloom seem not to have panned out. Folks are still buying and selling as they have for generations, without government subsidies. Today’s prices are still great values and affordability is at historic highs due to exceptionally low interest rates. Sterling has been an active market and the price increases and reduced selling time are proof of that.

It remains a fact that the market bottomed in December 2008. Buyers who have purchased since then have been rewarded with increasing equity from price increases as well as paying down a small part of their mortgage each month with every payment.

Commentary and analysis provided by David Hess, Executive Vice President.

Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

• Homes for sale: 646 (up from 586 in March, and very close to the 662 one year ago)
• Homes sold: 108 (double the 54 of snowy February and up from 93 in March and up from 79 same time last year.)
• Average sold price: $420,963 (up from $380,889 last month and up from $382,406 same time last year.)
• Average days on market: 55 (down from 79 last month and way down from 93 one year ago.)

As we have been saying over the past year, prices in Leesburg have been rising steadily since December 2008 and are still trending up. For the first time in years, we are seeing a trade up market by those homeowners who did not over finance their property during the boom. With low rates, low prices and rising confidence, healthy housing consumers have decided to come back into the market.

We do not expect the expiration of the housing tax credit to have much effect on the housing market now that the recession is ending.

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

• Homes for sale: 460 (up from 397 in February, 383 in January and 374 in December, but a little under 489 one year ago)
• Homes sold: 111 (up from 55 last month and 71 in January and about the same as one year ago at 108)
• Average sold price: $318,038 (up from $308,463 last month and $264,597 one year ago. +20%)
• Average days on market: 30 ( very stable so far in 2010, down from 70 one year ago)

Since it is Spring, it is normal for inventory to rise and sales to also rise.  After about three years of decline, the market bottomed in December 2008. Since then, buyers have been rewarded with increasing equity from price increases as well as paying down a small part of their mortgage each month with every payment.

Almost every month, for over a year, the median and average sales price in Sterling has been going up. In fact, it’s now 20% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 30 days compared to 70 days this time one year ago. Available inventory is about where it was a year ago. The decline in days on market tells me that there is huge demand for well priced, good condition houses.

Investors and first-time buyers had previously been competing to buy the same houses on the market, which drove up house prices. Recent changes in policy by Fannie Mae and Freddie Mac on the sale of their foreclosures will give owner occupant buyers first preference during the early marketing period. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price. Owner occupants are better for pride of ownership and neighborhood stability.

Commentary and analysis provided by David Hess, Executive Vice President.

Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

• Homes for sale: 397 (up from 383 in January and 374 in December, but way under 500 one year ago)
• Homes sold: 55 (down from 71 last month and 121 in December)
• Median sold price: $295,833 (up 7% from one year ago)
• Average days on market: 31 ( down from 36 days last month and 91 one year ago)

Considering that we had three feet of snow, and lost at least 1/3 of the selling days in February, having 55 houses sold is not bad.

Almost every month the median sales price in Sterling has been going up. In fact, it’s now 7% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 31 days, improving on last month’s 36 days and 91 days this time one year ago. Available inventory is now down 21% from a year ago, reducing the housing selection for potential buyers.

Investors and first-time buyers had previously been competing to buy the same houses on the market, which drove up house prices. Recent changes in policy by Fannie Mae and Freddie Mac on the sale of their foreclosures will give owner occupant buyers first preference during the early marketing period. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price.

Commentary and analysis provided by David Hess, Executive Vice President.

Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

• Homes for sale: 497 (down from 543 two months ago, and 625 one year ago)
• Closed sales: 54 (down from 112 in November when the first round of tax credits expired, and down from 117 in December when everyone was trying to close before the year end.)
• Average sold price: $363,410 (down $373,530 from two months ago, but up from $277,169 one year ago)
• Average days on market: 60 (stable over past two months and half the time it took one year ago)

Prices in Leesburg are up 29% from one year ago and bouncing around and still trending up. It is estimated that approximately 40% of the sales in Leesburg are either bank owned or short sales, where the bank has agreed to take a payoff that is less than the outstanding mortgage loan.

Downtown Leesburg is a Historic District of quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops, restaurants, art galleries, the Loudoun County Courthouse, and numerous small offices.  In addition, there are are multiple hospitals that service Leesburg. Part of the attraction to living in Leesburg is the easy access to employment areas that are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and Route 28.

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

The following represents the real estate market in Sterling, Virginia:

• Homes for sale: 383 ( up from 374 last month)
• Closed sales: 71 (down from 121 last month)
• Median sold price: $274,000 (up 18% from one year ago)
• Average days on market: 36 ( down from 39 days last month)

Almost every month the median sales price in Sterling has been going up. In fact, it’s now 18% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 36 days, improving on last month’s 39 days. Available inventory is now down 32% from a year ago, reducing the housing selection for potential buyers.

Investors and first-time buyers had previously been competing to buy the same houses on the market, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner occupant buyers first preference. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price.

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

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

• Homes for sale: 404 (up 10%)
• Closed sales: 65 (down 20%)
• Average sold price: $423,445 (down 1.5% from last month, down 28% from one year ago)
• Average days on market: 51 (up from 43 days last month)

The average sales price in Ashburn has bounced around like a ping pong ball from month to month for the past 18 months. Prices are definitely still lower than one year ago, but when looking at the median sales price rather than the average sales prices, you can see that the prices are stabilizing or rising slightly.

As is normal at the beginning of the year through early summer, more houses are coming onto the market. This bodes well for buyers who want to take advantage of the low interest rates, liberalizing lending terms, and the Federal Housing Tax Credit. To get the tax credit you must be under contract by April 30th and close before June 30, 2010.

Ashburn has a great selection of homes and almost all of them are under 15 years old–the approximate age of the entire area. The great thing about Ashburn is with such a huge diversity of homes, an individual or family can keep trading up or down in size and style and never change grocery stores or school districts. You can have change and stability at the same time.

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

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

• Homes for sale: 460
• Closed sales: 117
• Average sold price: $414,047
• Average days on market: 70

After reporting last month that prices in Leesburg were down 20% from one year ago, this month shows that prices are up 15% when compared to December 2008.  Since December 2008 was the lowest point for home prices in most of the Northern Virginia market, going forward the price comparisons may get harder to beat. Even though inventory is down 32%, there are still 460 houses to choose from. With interest rates around 5% and sellers still willing to assist with closing costs, Leesburg offers a great buying opportunity at an affordable price.

In addition, Leesburg is home to a large outlet mall at the corner of Virginia State Route 15 and Route 7. Within that same area are numerous national chain restaurants of all price points and cuisines.

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

• Homes for sale: 374
• Closed sales: 121
• Average sold price: $364,091
• Average days on market: 39

Each month, the average sales price in Sterling keeps going up and is now 24% higher than one year ago. In addition, the time it takes to sell a house in Sterling is less than half the time it was taking at the same point last year, averaging 39 days compared to when it took 95 days last year. Available inventory is now down 31% from a year ago, reducing the housing selection for potential buyers.

In the past, investors and first-time buyers had been competing to buy the same houses. This caused bidding wars, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner-occupant buyers first preference should result in making it easier for owner-occupants to purchase without having to pay more than the original asking price. This is good news for first-time buyers who will be living in the homes they’re purchasing.

Sterling is conveniently located near the employment centers of Tysons Corner, Route 28, and the Route 7 biotech corridor. Dulles Airport is also nearby and a big employment center, too.

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

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