Sterling, VA Market Report – 2/26/10

It is very normal for the number of closings in January to be lower than totals in the month of December. At the end of  the year it’s typical for people to race to get into their new home before the holidays, leaving January figures to pale in comparison.

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

Ashburn, VA Market Report – 2/23/10

Here’s a quick snapshot of the market in Ashburn, Virginia (compared to December 2009):

• 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

Leesburg, VA Market Report – 1/20/10

• 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

Sterling, VA Market Report – 1/13/10

• 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

Ashburn, VA Market Report – 1/11/10

Ashburn, Virginia is located in Loudoun County, and sits within the Dulles Technology Corridor. Dulles International Airport is nearby, and Ashburn is also home to Redskins Park, headquarters of the National Football League’s Washington Redskins.

The following statistics represent the housing market in Ashburn:

• Homes for sale: 368
• Closed sales: 111
• Average sold price: $429,827
• Average days on market: 43

The average sales price took a big jump back to where it had been tracking 60 days ago. Last month’s big drop was a statistical aberration caused because the majority of what was sold was comprised of lower-priced properties. As a result, the average sales price dropped from $424,550 in October to $382,665 in November, and for December it’s back up to $429,827, which continues the steady trend of rising prices again.

Housing inventory continues to decline as the best buys get picked off. The average days on market one year ago was 69 days, last month 40 days,  and this month 43 days;  so the norm is somewhere in the 40-45 day range, which is very healthy.

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

Leesburg, VA Market Report – 12/10/09

In Leesburg, there are houses of every size, age and type imaginable. Therefore a buyer can certainly find what they want at a price of their choosing. The report below represents the market conditions in Leesburg, Virginia.

• Homes for sale: 543
• Closed sales: 112
• Average sold price: $373,530
• Average days on market: 64

Prices in Leesburg are down 20% from one year ago and still dropping. A large segment of the houses for sale in Leesburg were bought when the market was at its peak, and now have become either foreclosures or short sales–houses without equity where the current mortgage holder has to approve the sale of the house.

Downtown Leesburg is a quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops and restaurants, the Loudoun County Courthouse, and numerous small offices that house lawyers and legal related services. Many employment hubs are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and the Route 28 employment centers.

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