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

Sterling, VA Market Report – 12/4/09

The following report represents the market conditions in Sterling, Virginia:

• Homes for sale: 426
• Closed sales: 121
• Average sold price: $352,288
• Average days on market: 45

The average sales price in Sterling keeps going up each month and is now 14.6% higher than one year ago. Also, 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, when the average days on market was at 95 days. Available inventory is now 18.7% less than what a buyer had to choose from just a year ago.

Investors are an active part of the market and are competing with first-time buyers and causing price wars, which are driving up the prices again. Sterling is well-located to the employment centers of Tysons Corner, Route 28, and Route 7 Bio Tech Corridor.

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 – 12/2/09

Here’s a look at the latest market trends from Ashburn, Virginia:

• Homes for sale: 391
• Closed sales: 102
• Average sold price: $382,665
• Average days on market: 40

The average sales price took a huge dive from last month in large part because the majority of what was sold was comprised of lower priced properties. As a result, the average sales price dropped from $424,550 to $382,665. Common sense tells us that the market did not drop by 10% in one month. What we’re faced with now is a statistical anomaly that should smooth itself out over time.

In the meantime, almost any home priced under $350,000 in Ashburn is getting multiple contracts. The average days on market one year ago was 61 days, last month 43 days, this month 40 days; the trend is unmistakable.

Ashburn is convenient to numerous major transportation routes. Within a few years the Dulles Airport extension of the Metro rail will add one more transportation option to the many that already exist in the area. Numerous restaurants throughout the area give residents a large number of dining options to choose from. Every major chain and type of cuisine is represented in the area.

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 – 11/6/09

The data below describes the market conditions in Leesburg, Virginia

• Homes for sale: 571
• Closed sales: 88
• Average sales price: $400,991
• Average days on market: 66

The average sales price of $400,991 is up 15% from the same time last year. Meanwhile the median sales price of $344,000 is up 6.9% from the same period one year ago. The selection of houses available to purchase has been reduced by 26% from one year ago and is up 5% from last month. Interest rates of approximately 5.25% and today’s prices keep the affordability index very high for both first-time and repeat buyers. Buyers are out in force to take advantage of these favorable trends.

Leesburg has a tremendous selection of retail opportunities in the Leesburg Corner Premium Outlets at the intersection of Route 7 and Route 15 in Virginia. White’s Ferry is just north of Leesburg off of Route 15 and connects Loudoun County, Virginia with Montgomery County, MD. Taking the Ferry makes for a low stress way to reduce driving between Maryland and Virginia; especially now with the changing colors of the leaves in the fall.

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 – 10/29/09

A popular residential area for Washington, DC commuters, Sterling is located in the northeastern section of Loudoun County, one of the fastest growing counties in the nation. Nearby public parks include Sterling’s Algonkian Regional Park and Claude Moore Park. In addition, there are several historic battlefields within a one hour drive in all directions. Dulles Town Center and the Leesburg Corner Premium Outlets provide lots of retail and restaurant choices.

The totals below show the current market conditions in Sterling, Virginia:

• Homes for sale: 443
• Closed sales: 132
• Average dales price: $304,717
• Average day on market: 49

Prices are nearly unchanged since last month. Plus, total inventory has declined 7.5% since last month while days on market increased by 10. However compared to one year ago, all of the statistical indicators are better giving further evidence to a stabilized market. The average sales price is down 10% from a year ago, making buying a more affordable reality. FHA loan rates are now 5.25% as quoted By Choice Mortgage, a Wells Fargo Affiliate.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker, and Neal Greene, Realtor®

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