Avery-Hess, Realtors Blog » Northern Virginia

Centreville, VA Market Report 1/31/11

Kristin Maynard — Mon, 31 Jan 2011 21:18:51 +0000

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

Kristin Maynard — Mon, 03 Jan 2011 15:40:35 +0000

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

Kristin Maynard — Fri, 20 Aug 2010 15:15:55 +0000

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

Kristin Maynard — Tue, 13 Jul 2010 19:45:00 +0000

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

Kristin Maynard — Tue, 22 Jun 2010 21:14:09 +0000

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

Kristin Maynard — Thu, 27 May 2010 19:16:50 +0000

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

Centreville, VA Market Report 5/21/10

Kristin Maynard — Fri, 21 May 2010 14:11:48 +0000

Centreville is HOT! Steadily rising prices and increasing demand and supply over the past few months means that Good Times are ahead. Plus with great shopping, entertainment and dining options what’s not to like about Centreville?

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

Homes for sale: 435 (up from 401 last month, and up slightly from 424 at same time last year.)
Homes Sold: 110 (up from 89 in March and February’s snowy 44 units. Up from 83 one year ago.)
Average sold price: $337,492 (big jump up from $297,079 last month and WAY UP from $298,761 at the same time last year.)
Average days on market: 21 (down from 34 last month and even more so from 74 days one year ago)

As we have said month after month, prices in Centreville are moving up and have been for the past 17 months. Over the past several months the market is no longer dominated by only First Time Buyers and Investors. We now have existing homeowners trading up to buy a bigger house.

With prices in Centreville rising and inventory also rising, we should see some stability in pricing soon as the supply rises to met the demand.. This is good for all parties!

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 – 4/19/10

Amit Kulkarni — Tue, 20 Apr 2010 00:14:05 +0000

Bristow has 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: 157 (up slightly from 148 last month, way under the 192 of one year ago)
Homes sold: 39 (very stable over the past 12 months)
Average sold price: $308,271 (down from $338,808, but up from $295,510 one year ago)
Average days on market: 56 (has climbed from 21 days in January 2010 and 42 days in February, but still under the 65 days of one year ago)

Bristow’s prices bottomed out around December 2008, moved up steadily during 2009 and have started to stabilize in the first three months of 2010. At under $350,000 and selling in an average of 56 days, Bristow homes 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 5% range, rising consumer confidence, and inventory at such a low level, high buying activity is creating an upward drift in prices.

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 4/16/10

Amit Kulkarni — Fri, 16 Apr 2010 20:01:50 +0000

Centreville has housing styles to fit every lifestyle and every budget. Plus with great shopping, entertainment and dining options what’s not to like?

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

Homes for sale: 401 ( up from 336 last month, down slightly from 442 at same time last year)
Closed sales: 89 (more than double February’s snowy 44 units)
Average sold price: $297,079 (up from $287,280 last month, and WAY UP from $261,306 in March 2009)
Average days on market: 34 (down from 47 last month and even more so from 82 days one year ago)

So with these kinds of numbers, is there any doubt about what is going in with Residential Real estate in Centreville? As I have said in previous posts, those who bought over the past 15 months have been rewarded with increasing equity, both from rising house values and the reduction in their mortgage loan from making payments each month.

Prices in Centreville are rising and there is a trend toward declining inventory from which to select. As this trend continues, home prices will continue to rise as a result. In fact as this trend continues, the upward pressure on prices will be just that, Pressure!

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

Arlington County Market Report – 4/7/10

Amit Kulkarni — Wed, 07 Apr 2010 19:26:15 +0000

Depending on who you ask, Arlington is either the biggest small town, or the smallest big city you’ll visit. The many neighborhoods (or urban villages as they call them) are mixed with soaring high rise buildings and well-kept, turn-of-the century homes, high end shopping or funky little boutiques, 5-star dining and little neighborhood deli’s and pizza shops. Arlington is home to several national historic landmarks like the Marine Corps Memorial (Iwo Jima), Arlington Cemetery, the Pentagon Memorial and many more. And, it’s just a few minutes from the nation’s capital. It’s no wonder that Arlington is not just a fabulous tourist attraction but a wonderful, dynamic place to live.

The first few months of 2010 show a slight upward trend in the housing market and the year over year figures indicate a rise from the same period last year. The total number of homes sold is up by nearly 50%, the average sales price continues to go up with a 3.5% increase, the average days on the market has decreased from 90 to 61, a 32% decline. Sellers are getting 95.5% of the asking price as opposed to 92.5% last year.

The market, while not fully “recovered,” is certainly headed back in the right direction. We should continue to see improvement as we get closer to the April 30^th deadline for the Federal Tax Credit benefits for first time and move-up buyers.

Commentary and analysis provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors

Find Your Home. Plan Your Life. www.averyhess.com