Spotsylvania County, VA Market Report – 1/4/10

Through November 2009, 2,788 homes came onto the market in Spotsylvania County, an 8.3% decline from the 3,411 homes that were available through November of 2008.  This is a big shift that buyers in Spotsylvania have to get used to for the time being. Inventory has decreased this year because of the diminishing number of foreclosures on the market.  Will that change in 2010?  We’ll have to wait to see.  In the meantime, buyers need to stay aggressive in making offers once they find what they are looking for.

Here are the latest statistics for Spotsylvania County, Virginia:

There are several big changes from 2008. First, in November of 2009 we had 690 active listings, which includes all single family and attached homes among all price ranges in Spotsylvania County.  This 39.4% drop means there are not as many houses to choose from as there were in the recent past.  We have been seeing multiple offers on homes in low price ranges that are priced well, show well, and well-located. Also, with with the median sales price decreasing  $26,500, prices are favorable for first-time homebuyers and investors.

This is not just a market for buyers, sellers should take notice because the average number of days it took to sell has dropped 37.2% to an average of 76 days on the market, which is just over two months! Meanwhile, the percent of sales price received at closing compared to original asking price has also increased 6% to 94.7% of the asking price.  While sellers still need to pay at least a portion of the closing costs, it’s not nearly as much before.  If you are a seller, find out how much your home is worth because now might be a better time to sell than you think.

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

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

Bristow, VA Market Report – 1/4/10

Bristow, has a wide range of home styles and prices. The majority of homes in Bristow were built and sold during the real estate boom years of 2003-2006, so there have been many sales that were either owned by banks or sold by sellers with no equity–foreclosures and short sales, respectively. This has not deterred anyone from buying here, as can be seen by the rising prices month after month.

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

• Homes for sale: 154 (virtually unchanged from last month)
• Closed sales: 32
• Average sold price: $317,677
• Average days on market: 26 (virtually unchanged from last month)

As home prices were in the low $300,000s last month and continuing to rise,  Bristow remains an affordable and in-demand place to live. The average sales price of $317,677 is still below 2008’s average, but has been slowly climbing since hitting its lowest point in December 2008. A year ago it took 76 days for a house to sell, a far cry from last month’s 26 days. Once again, interest rates are still low, consumer confidence is rising, and inventory is reduced, causing high buying activity in the $300,000 price range.

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

Stafford, VA Market Report – 12/23/09

Stafford County saw approximately 800 new jobs added in the first two months of the third quarter of this year. Steady employment in Stafford and the surrounding area will help maintain and eventually increase demand for housing in this Washington, DC bedroom community. The following information represents the real estate market in Stafford County, Virginia in November 2009:

The Stafford market is currently favorable for buyers. Average sales price has decreased 9% since this time last year, interest rates are low, and in some cases closing costs are being paid for. On the other hand, our listing inventory has decreased 19.3% since last year. And while the amount of foreclosures has been decreasing as well, there are still a good number of short sales, regular sales, and relocations. With that being said, there are not as many homes coming onto the market, so if you see one you love, don’t wait—especially if you are looking at homes priced $200,000 and under.

Another important statistic to pay attention to is the percent of original list price received at sale. In November we saw homes receiving an average of 96.2% of asking price, up 7% from last year. This means that buyers will have to make better offers than they would have made earlier this year due to the decreasing inventory. At the same time, this also means that sellers are receiving close to their original asking price, assuming the home is priced right and shows well.

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

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

Arlington, VA Market Report – 12/21/09

Last month I closed my report by suggesting that perhaps we were beginning to see a return to normalcy in the Arlington market. The November statistics show a significant improvement over the same period last year. Compared to the previous month the numbers are relatively stable with one exception. Here are the latest numbers from Arlington, Virginia.

• Active listings: 803
• Closed sales: 230
• Pending sales: 213
• Average sold price: $509,003
• New Listings: 208
• Average days on market: 53

The significant concern is a 50% drop in new listings from October, resulting in a 15% drop in the total number of homes currently on the market. Declining inventory is problematic in a period where incentives are provided to both first-time and move-up buyers. This drop in inventory could be attributed to a seasonal change. Some homeowners may have decided to wait until early spring to list their homes because the Federal Housing Tax Credit has been extended to the end of April and they anticipate prices to be more favorable then. Regardless, it remains a good time for buyers with favorable interest rate, and reasonably priced homes.

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

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

Centreville, VA Market Report – 12/18/09

Centreville is a very popular place to live due to the numerous retail opportunities and a plethora of restaurants in all price ranges. It provides easy access to Route 29 and Route 66 for commuting to Washington DC, Fairfax and Tysons Corner–in addition to all of the employment opportunities along Route 28 in Chantilly and Sterling.

The report below reflects the current market in Centreville, Virginia:

• Homes for sale: 332
• Closed sales: 98
• Average sold price: $306,090
• Average days on market: 33

Last month there was very little change statistically in the average sales price from the same time period one year ago. The month before that, house prices were down 10% compared to one year ago. However, this month the numbers show prices up 3.8% from one year ago. Clearly, Centreville is now joining the ranks of markets where the stats show stability to increasing prices.

Growing consumer confidence, an extension and expansion of the Federal Housing Tax Credit, along with investors looking for long term, high growth investments are moving more buyers into the market.

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

Leesburg, VA Market Report – 12/10/09

In Leesburg, there are houses of every size, age and type imaginable. Therefore a buyer can certainly find what they want at a price of their choosing. The report below represents the market conditions in Leesburg, Virginia.

• Homes for sale: 543
• Closed sales: 112
• Average sold price: $373,530
• Average days on market: 64

Prices in Leesburg are down 20% from one year ago and still dropping. A large segment of the houses for sale in Leesburg were bought when the market was at its peak, and now have become either foreclosures or short sales–houses without equity where the current mortgage holder has to approve the sale of the house.

Downtown Leesburg is a quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops and restaurants, the Loudoun County Courthouse, and numerous small offices that house lawyers and legal related services. Many employment hubs are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and the Route 28 employment centers.

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