Posts Tagged ‘Real Estate’
City of Fredericksburg, VA Market Report – 9/8/09
The following figures represent the market in the City of Fredericksburg, Virginia.
- New Listings – 41
- Closed Sales – 25
- Pending Sales – 24
- Median Price – $300,000
- Average DOM – 60
Historic City of Fredericksburg, sandwiched between Stafford and Spotsylvania Counties, is showing an increase in listings thus far in 2009. We have seen a 20.6% increase in July 2009 over July 2008, and an overall growth of 1.1% year-to-date. The July median price of $300,000 in Fredericksburg is lower than average for the larger market area and reflects a 9.6% drop from one year ago.
The average days on market dropped from 170 a year ago to just 60 in July 2009, while inventory in single-family properties has remained fairly even with only a 2.3% decline. However, there has been a 32% drop in townhome and condo properties, which suggests that the market is more active for these generally more affordable types of housing.
Market data, commentary and statistics provided by Judi Jones, Managing Broker, Avery-Hess, Realtors
Search for Homes in Fredericksburg, and all of the DC Metro: www.averyhess.com
Washington, DC – Market Report 9/3/2009
The data below reflects residential real estate in Washington, DC for the month of July in 2009:
- New Listings: 914
- Total sold: 648
- Avg. sales price: $483,477
- Days on market: 88
- Total pending: 682
In the District of Colombia, the total number of new listings has decreased only by a little over 7% compared to the number of new listings at the same time last year. New pendings has increased by 20% and the total units sold have improved by a little over 28%.
Average sales price has gone down 16.66% as the market adjusts, and the days on market have increased almost 19% over last year. Washington DC seems to attract a large number of young professionals who are first home buyers looking to take advantage of the $8000 tax credit, as well as a growing number of “empty-nesters” moving into the area for the conveniences it affords. Both groups are drawn by the availability and proximity of theater, sports events, shopping and the many fine restaurants from which to choose.
Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.
Search for Homes in all the DC Metro: www.averyhess.com
Montgomery County, MD – Market Report 9/3/2009
The data below reflects residential real estate in Montgomery County, Maryland for the month of July in 2009:
- New Listings: 1361
- Total sold: 1130
- Avg. sales price: $459,258
- Days on market: 93
- Total pending: 1302
Compared to July of last year, the number of new residential listings in the county has decreased a little over 13%. Total inventory has decreased by almost 30%. Total days on market has stayed about the same compared to last year (92), but has increased from 68 days in 2007. Sales have come up a little over 30%, while new pending (under contract, but not yet settled) for the month has increased about 47%.
Montgomery County should continue to see continued sales growth due to the reputation of the school system and the geographic location in relation to the employment base along with an excellent public transportation system. The average sales price has decreased about 13.5% due largely to the number of foreclosures in the county. Until the majority of the foreclosures have been released and sold, this number probably will not improve before the end of the year.
Rockville Market Report (in Montgomery County)
Rockville comprises 5 zip codes in the county. Because of it’s proximity to Washington, DC and it’s available public transportation, most of the city has seen an increase in the total number of units sold while the average days on the market has for the most part decreased. Average sales price in Rockville (depending on zip code) ranges from $295,550 to $904,814 which is down anywhere from 8 to 21 per cent from July of 2007, again depending on zip code. Average days on the market are about 72 and the number of sold residences is 222 for the month.
There are a large number of condominiums and town homes which attract the first-home buyers so sales should continue to increase.
Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Montgomery County and all the DC Metro: www.averyhess.com
Loudoun County, VA – Market Report 9/2/2009
The data below reflects residential real estate below One Million Dollars in Loudoun County, Virginia for the month of August in 2009:
- 775 properties for sale
- 445 properties under contract
- $394,604 average sales price
- 54 average days on market
At the end of August in the entire county there were only 775 properties for sale. During this month, 445 properties went under contract. The absorption rate for the Loudoun market (that is how long it would take to sell everything for sale at the present rate) tells us that we have 1.75 months worth of inventory, or about a seven week supply of houses. Of the properties sold during August, the average “Days on Market” was 54.
To give a measure of comparison, at the end of November 2008 the absorption rate was five months. Five months compared to seven weeks! Talk about a dramatic turnaround!
Even with the current unemployment rate, I expect this absorption rate and pricing trend to continue in the coming months.
Finally, indicators point to another wave of foreclosures starting to trickle back into the market. However, there probably will not be a large inventory dump of thousands of properties on the market all at once; rather, I think what we will see is a gradual, steady trickle of foreclosure properties coming available. Stay tuned…
Market data, commentary and statistics provided by David Hess, Executive Vice President and Manging Broker.
Search for homes in Loudoun, and all of the DC Metro: www.averyhess.com
Arlington County, VA Market Report – 9/1/09
Here are the latest numbers from Arlington County, VA:
- 304 New Listings
- 290 Closed Sales
- $523,379 Average Sales Price
- 61 Average DOM (Days on Market)
Couple Arlington County’s close proximity to Washington, DC along with its desirable neighborhoods and you’ll see why this market has weathered the downturn more favorably than other segments of Northern Virginia. While the average sales price is actually down 7% from last July, the number of units sold is up 25%—generating a 16.5% increase in sales revenue.
In all, 230 properties went under contract in July, meaning closed sales for August could actually be lower than July’s totals. This is a function of the decreasing inventory throughout the region, not just in Arlington County. During the last week of August, 62 new listings came onto the market with a little more than a third of them being detached homes and the remainder condominiums and townhouses. Although foreclosures and short sales are not as predominant as in outlying areas, the same commentary as Prince William County holds true for the presence of any distressed properties in Arlington.
Market Report compiled by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.
Search for Homes in Arlington County: www.averyhess.com
Stafford County, VA Market Report – 9/1/09
Today, let’s take a look at the latest market results from Stafford County, Virginia:
- 259 New Listings
- 159 Closed Sales
- 214 Pending Sales
- $240,500 Average Sale Price
- 70 Average DOM (Days on Market)
Generally, market activity in the Washington, DC suburbs greatly influences the Stafford County housing market. This is true now, as increased buyer activity has depleted inventory in Northern Virginia—resulting in a pick-up in Stafford, Fredericksburg and Spotsylvania.
Current figures further reflect this relationship, as inventory in Stafford County has seen a reduction of over 50% from last year, and an almost 30% rise in pending sales. Also, the average number of days that a house spends on the market has dropped from 132 at this time last year, to just 70 days in July 2009.
Both Stafford and Spotsylvania Counties are experiencing an increase in buyer activity, most likely motivated by the first-time buyer tax credit and low interest rates. Many of the more affordably-priced properties are generating multiple offers, and some are even selling over list price.
Stafford County Market Report compiled by Judi Jones, Managing Broker, Avery-Hess, Realtors
Search for Homes in Stafford County, Virginia: www.averyhess.com
