Centreville, VA Market Report 1/31/11

Gotta love those economists! A couple of months ago they were all on TV talking about the dreaded “Double Dip” for real estate. Now the local DC area economists are starting to talk about the impending housing shortage and what it is already doing to house prices.

So what is the lesson here? Don’t listen to the experts. When you are ready to own your own place, or go buy a bigger one, Like Nike says, “Just Do It!”

Looking for a good place to live? Check out Centreville, Virginia.

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

• Homes for sale: 307 (down from 333 in November, and up a tad from the 288 in December last year.)
• Homes Sold: 78 (Up from 64 in November and down from 90 one year ago during the home buyer tax credit frenzy.)
• Average sold price: $315,810 (up from $304,655 at the same time last year.)
• Average days on market: 44 (very stable all year in mid 30s to low 40s.)

So what’s important to help you make a good purchase? The most important thing is a reputable company backing up a top-notch agent. The agent has to be one that will fully represent your interests and stress over every detail to insure that your transaction goes as hassle free as possible. And the company has to be there for you with the full resources of a well-capitalized company, for when real problems arise, as they sometimes do.

Market data, commentary and statistics provided by David Hess, Executive Vice President.
Search for homes in Centreville, and all of the DC Metro: www.averyhess.com

Centreville, VA Market Report 1/3/11

Folks worried about falling prices and those wanting to make ridiculously low offers on real estate should look at the statistics. Prices bottomed out two years ago and having been moving up slowly and steadily since. The steal deals are long gone. But for those who are committed to owning their own home or trading up to a better one there is nothing to be afraid of. Double dips are more a theory than something to be concerned with. Looking for a good place to live? Check out Centreville, Virginia.

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

• Homes for sale: 333 (down from 360 in October, and almost identical to this time last year.)
• Homes Sold: 64 (down from 72 in October and down from 98 one year ago during the home buyer tax credit frenzy.)
• Average sold price: $337,785 (up from $311,189 in October and WAY UP from $306,090 at the same time last year.)
• Average days on market: 41 (very stable all year in mid 30s.)

Will there be a double dip? Double dips are highly unusual. They are more of a theoretical than a reality. As employment rises, demand for real estate to rent and buy also goes up. Here in the DC region, the employment rate is stable to rising. Those who currently have a job will most likely be keeping it or getting a better one. And these will be the people who buy real estate.

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

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

Centreville, VA Market Report 8/20/10

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

• Homes for sale: 356 (down from 381 in June, and down from 394 at same time last year.)
• Homes Sold: 79 (down from 101 in June and down from 94 one year ago.)
• Average sold price: $367,332 (another jump up from $338,208 last month and WAY UP from $314,426 at the same time last year.)
• Average days on market: 33 (very stable over past six months, but down from 50 days one year ago)

For close to a year, I have been saying that prices in Centreville were continuing to move up after prices bottomed out in December 2008. The increase in confidence paired with amazingly low interest rates fueled a growing trade up market where existing homeowners with equity started selling their house to buy a bigger one. This has helped pull up the average sales price.Even with only a four and a half month supply of houses, I expect the second half of this year to have fewer transactions than the first half because the First Time Homebuyer Tax Credit distorted the market.  Markets always swing back to equilibrium if given time and lack of government interference, so I expect that to happen again. The lower price ranges are still hot as a firecracker.

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

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

Bristow, VA Market Report – 7/13/10

Bristow still has just a five-month supply of homes for sale, and economists consider six-months worth of housing inventory a balanced market.  This low level of inventory keeps pressure on prices in an upward direction. Bristow is so stable of a market that the wording in the market commentary written below has not changed much in the past six months.

Below you’ll find a report of the previous month’s housing market in Bristow, Virginia:

• Homes for sale: 173  (up from 163 in May, 157 in April, but under the 192 of one year ago)
• Homes sold: 36  (stable as compared to 34 one year ago)
• Average sold price:  $331,155 (compared to $326,198 in May, 331,155 in April, and way up from  $313,655 from one year ago)
• Average days on market: 28 (compared to 29 in May, 56 in April and down from 43 days one year  ago)

Bristow’s prices bottomed out around December 2008, moved up steadily during 2009 and have stabilized in the first six months of 2010. At under $350,000 and selling in about a month, houses in Bristow continue to offer good value for buyers which is why the number of transactions have been so stable. Bristow remains an affordable and in-demand place to live. With interest rates remaining in the high 4% to low 5% range, affordability is very high. Thus Bristow has a robust real estate market.

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

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

Centreville, VA Market Report 6/22/10

What happened to all of the dire warnings about shadow inventory and the growing supply of unsold homes? Certainly not in Centreville!

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

• Homes for sale: 378 (down from 435 last month, and down slightly from 394 at same time last year.)
• Homes Sold: 126 (up from 110 in April 89 in March and February’s snowy 44 units. Up from 119 one year ago.)
• Average sold price: $347,188 (another jump up from $337,492 last month and WAY UP from $274,000 at the same time last year.)
• Average days on market: 21 (very stable over past four months, but down from 66 days one year ago)

As we have said month after month, prices in Centreville are moving up and have been for the past 18 months. The increased confidence has created a growing trade-up market and that is pushes the prices statistics up at a rapid rate. With today’s interest rates at or near all time lows, even with the rising prices, the average house payment is getting cheaper. So what’s not to like?

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

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

Bristow, VA Market Report – 5/27/10

Bristow still has just a four month supply of homes for sale. Six months worth of housing inventory is considered a balanced market by economists.  This low level of inventory keeps pressure on prices in an upward direction.

Below you’ll find a report of the previous month’s housing market in Bristow, Virginia:

• Homes for sale: 172 (up from 157 last month and 148 in March, way under the 196 of one year ago)
• Homes sold: 40 (very stable over the past 14 months)
• Average sold price: $331,155 (up from $308,271 last month, and almost the same as $329,655 from one year ago)
• Average days on market: 28 (down from 56 in April and down from 71 days one year ago)

Bristow’s prices bottomed out around December 2008, moved up steadily during 2009 and have started to stabilize in the first four months of 2010. At under $350,000 and selling in about a month, houses in Bristow continue to offer good value for buyers which is why the number of transactions have been so stable. Bristow remains an affordable and in-demand place to live. With interest rates remaining in the high 4% to low 5% range, affordability is very high. Thus Bristow has a robust real estate market.

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

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