Leesburg, VA Market Report – 8/11/10

Time to buy a house? If so, check out Leesburg, Virginia. Why? See the stats below and make your own decision. But it looks good to me….

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

• Homes for sale: 621 (almost the same as 618 in May, and close to the 614 one year ago)
• Homes sold: 126 (up from 91 in May and close to the 132 of one year ago)
• Average sold price: $436.670417,479 (up from 417,479 in May and up from $420,963 in April and up from $410,940 same time last year.)
• Average days on market: 46 (down from 59 in May and 55 in April and way down from 80 one year ago.)

No tax credits, but the sales are still good and prices are stable to rising. Please congress, no more intervention in the markets, We need things to stabilize as they are now doing on their own, thank you very much! The real estate market is getting stronger everywhere in the DC Metro area as stable employment, low interest rates and good consumer confidence leads to a trifecta of positives for the market.

Sterling, VA Market Report 8/5/10

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

• Homes for sale: 467 for sale at the end of June (very stable! 454 in May, 470 in April, 460 in March and down from 488 one year ago.)
• Homes sold: 133 sold in June. (Compared to 132 in May, 121 in April, 111 in March, but down from 159 one year ago when prices were cheaper.)
• Average sold price: $365,113 (way up from $319,844 one year ago.)
• Average days on market: 39 ( down from 43 in May and down from 64 days one year ago)

Note that in the past year prices in Sterling have risen from an average of under $320,000 to over $365,000. This is an increase of 14%. This 14% increase has had the effect of eliminating some lower income buyers from the housing market. Isn’t that interesting? While the media keeps talking about falling prices and shadow inventories, prices in Sterling are up 14% per year for two years in a row. The effect, even with the lowest rates in years, is that some folks are already priced out of the market.

For those hearty souls who had the courage to buy since the market bottomed in December 2008 they 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. Not to mention the bragging rights of telling their friends at parties about the great real estate deal they got back in…

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

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

Leesburg, VA Market Report – 6/17/10

After being overly stimulated by government interference into the real estate market via the various tax credits, the market is returning to a normal balance of supply and demand and normal negotiations between buyers and sellers.

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

Sterling, VA Market Report 6/8/10

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

• 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

Leesburg, VA Market Report – 5/13/10

With a great variety of retail and restaurants, plus houses of every size, age and type imaginable, a buyer can certainly find what they want at a price of their choosing in Leesburg, Virginia. The report below represents the market conditions in Leesburg, Virginia.

• 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

Sterling, VA Market Report 5/4/10

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

• 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