Springfield, VA Market Report – 5/3/10

People always wonder if we are in a buyer’s market or a seller’s market.  You’ll hear some say it’s a buyer’s and some say it’s a seller’s market.  You can argue either point based on guess work, but there is a specific way to determine the market conditions in your area. Absorption rate is a mathematical representation of the relationship between supply and demand.  Below are the market statistics for Springfield from March 2010.  We will use these numbers to get a snapshot of the Springfield market.

• Total Active Listings – 312
• Under Contract – 130
• Total Sold – 85
• Avery Sales Price – $377,773
• List to Sell Ratio – 98.03%

These numbers show an improvement in several areas over the same period last year.  The number of units sold was not changed significantly but the average sold price increased by $45,000.  The days on market decreased from 91 to 34 and sellers were getting 98% of their asking price up from 91% last year.  So it appears that things are looking up.  But are we in a buyer’s market or a seller’s market?  To determine that, lets look at the absorption rate.  Here’s how it works.  We determine the total number of active & pending listings (442), and the total sold last month (85).

85 x 12 (months) = 1020

1020 / 52 (weeks) = 19.62 (units sold per week)

If 19.62 units sell each week, divide that number into the number of active listings.

442 / 19.62 = 22.53 weeks or 5.63 months (Absorption Rate)

The absorption rate means that it would take 5.63 months to sell all the inventory.  Absorption Rate is not an exact science.  One month does not determine what the market is, there needs to be a trend of perhaps 3 or 4 months.

When the rate is 1-4 months it is considered a seller’s market.  Buyer’s market conditions exist when its 7+ months.  Between 5-7 months “normal market” conditions exist.  It’s not quite a trend yet, but Springfield is experiencing normal market conditions.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Manassas Park, VA Market Report – 2/3/10

Manassas Park City is located in Northern Virginia, and is nestled in between Manassas City and Prince William County.  It is a mixture of old post World War II homes and new homes. Manassas Park is strategically located close to Virginia Route 28 and the Prince William Parkway, which makes it an easy commute to Fairfax, Woodbridge, and points west of Prince William County.

• New listings: 18
• Closed sales: 15
• Average sold price: $140,000
• Average days on market: 73

The month of December had 18 new listings compared to 53 in 2008. For all of 2009 there were only 473 total listings, a decrease of 50% from the previous year. There were 15 homes sold in 2009 compared to 49 in 2008, down almost 70%. Only 431 homes sold in all of 2009, also down from 507 in 2008. Average sale price fell 14% to $140,000 for 2009.

Manassas Park is an independent city with its own police department, government structure, parks, and events.  It’s a full service town that includes retail shopping, dining, business and industry, in addition to residential housing.  Manassas Park has its own school system that includes elementary through grade 12.

There is also a new town center, gated condominiums, as well as single family homes and town homes.  Manassas Park City is also accessible by rail with its own stop along the Virginia Railway Express.

Market data and commentary provided by Steve Mayes, Managing Broker, Avery-Hess, Realtors.

Search for homes in Manassas Park, and all the DC Metro: www.averyhess.com

Prince William County, VA Market Report – 1/28/10

Prince William County borders Stafford, Fairfax, and Fauquier Counties and has Virginia Route 28, US Route 29, I-66 and I-95 going through it, making it a easy commute to points north and south.  PW County has a nice mix of rural settings, historical areas, waterscapes, and new homes in every size. Manassas is located in Prince William, and has a rich history and nationally recognized shopping.  Prince William County is a great value–giving a homeowners a little more room for less money.

The following market report reflects the conditions in Prince William County, Virginia

• New listings: 635
• Closed sales: 542
• Average sold price: $209,000

December 2009 had 635 listings ,down 33% from 952 in 2008.  For the entire year in 2009, there were 11, 312 listings, down 33% from almost 17,00 from the previous year. Meanwhile, 542 homes closed in 2009, compared to almost 1,000 in 2008. A total of 8,654 homes closed in all of 2009.

The average home sale price in Prince William County was $209,000 in 2009, down 10% from 2008. In January 2009 the average days on the market was only 34 days, while for the year the average was 69 days on the market.

Market data and commentary provided by Steve Mayes, Managing Broker, Avery-Hess, Realtors.

Search for homes in Prince William County, and all the DC Metro: www.averyhess.com

Centreville, VA Market Report – 1/28/10

Centreville is located in Fairfax County, one of the largest counties in the Commonwealth of Virginia. Over the past few decades, Centreville has blossomed with home developments and shopping and restaurants. Residents enjoy access to I-66, US Route 29, Virginia Route 28, and Braddock Road. Public transportation options include service from the Fairfax Connector bus lines, which provides service to stations along the Metro’s Orange Line.

The following statistics reflect the real estate market in Centreville, Virginia:

• Homes for sale: 288
• Closed sales: 90
• Average sold price: $304,655
• Average days on market: 36

For the second month in a row there was very little change statistically in the average sales price from the same time period one year ago, up about one percent.  Prices in Centreville are stable and there is less inventory to select from. If this trend continues, home prices should rise as a result.

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

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

Stafford, VA Year-End Market Report – 1/21/10

2010 has started off with a bang.  The phone is ringing and properties are being shown, but don’t forget you must be under contract by April 30th to receive the Federal Housing Tax Credit for first-time and move-up homebuyers.

Here is our year in review market report for Stafford County, Virginia:

We ended the year with a 23.4% decrease in listing inventory.  Stafford County had 3,574 listings in 2008, but only 2,739 in 2009.  If this trend continues we will start to see a healthier, more even market.

While the inventory saw a decline, the amount of closings in Stafford County increased by 12.6% in 2009.  The amount of pending sales also increased last year from 1,687 to 2,008.  In what is good news for buyers, but not so good news for sellers, the median sales price in Stafford County decreased 16.1% to $230,000.  While prices went down, percent of original list price received at sale went up 3.6% to 93.4% of list price.  The more that inventory continues to decline, the more the ratio of list price to sales price will go up.

Our local market is nice and active and starting off great this year.  Let’s say goodbye to 2009 and look forward to what 2010 has in store for us.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Stafford, and the 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