Arlington, VA Market Report – 2/22/10

All the prognosticators have been making their predictions as to the state of real estate for 2010. On balance, 2009 was a positive year in Arlington. The total dollar volume of sales increased by 7% and the total units sold increased by 11%. The average sales price decreased by nearly 4% and the days on market dropped by 8.5%. This shows that while prices dropped, more properties were sold in a shorter period of time. January 2010 statistics point to some interesting things to keep an eye on in Arlington County, Virginia.

There’s good news and bad new for buyers and sellers in Arlington this month. The average sales price for single family detached homes increased by nearly 14%, good news for sellers, and actually good news for buyers knowing that values are going up. Of the 132 sales in January, nearly 70% were condos and townhouses. The average sales price for these attached homes decreased by 16% from the same period a year ago. As the prices on these units dropped, more sales occurred because of the affordability factor.

The Federal Housing Tax Credit is still in place but there are just two months left to act. It seems like we’ve been snowbound for most of the winter so far, but as the weather improves I predict the ready buyers will be unleashed into the marketplace and sales of affordable homes will rise as the incentive deadline approaches.

Interest rates have remained steady but indications are that the Federal Reserve will consider rate hikes as the year progresses. If you are in the market to purchase or sell, now is absolutely the best time to act. Inventory is still low but the shadow inventory (pending foreclosures) is lurking and could be released anytime. List your home now while competition is limited. Buyers, have your agent prepare a rent vs. buy analysis to show you the benefits of home ownership. Don’t wait too long and miss an opportunity.

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

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

Bristow, VA Market Report – 2/12/10

As we have said before, almost everything in Bristow is less than ten years old. Therefore, it’s a good place to buy a home and not have to worry about a lot of repairs, as long as the previous owner did their regular maintenance. If you’re unsure about a home, think about getting a home inspection to fully understand the systems of the house you’re buying. Also ask for a warranty so you can be protected from costly, unexpected repairs.

Here is a complete analysis of last month’s housing market in Bristow, Virginia:

• Homes for sale: 166 (up 8% from last month)
• Closed sales: 35 (up 9.4% from last month)
• Average sold price: $350,374 (up 13.4% from one year ago, and over 10% from just last month)
• Average days on market: 30 (virtually unchanged for the last three months)

Bristow’s prices have moved up rapidly from the low $300s, which was way underpriced, to the mid $300’s which is still underpriced, just not as ridiculously so. Bristow remains an affordable and in-demand place to live. The average sales price of $350,374 is way above 2008’s average, but still very affordable. Bristow hit its statistical price bottom in December 2008 and has risen slowly and steadily almost every month since then. A year ago it took 69 days for a house to sell, more than double last month’s 30 days. With interest rates remaining around 5%, consumer confidence rising, 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

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

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

Community Video: Fredericksburg, VA

Located to the south of Washington, DC, Fredericksburg has everything from acres of land and suburban neighborhoods to a historic downtown area. Learn more about Fredericksburg, Virginia and how it offers big city amenities while keeping its small town feel.

Avery-Hess Community Video: Fredericksburg, VA from David Tra on Vimeo.

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