Vienna/Dunn Loring, VA Market Report – 11/24/09

The table below represents the current market in Vienna and Dunn Loring, Virginia:

The Vienna and Dunn Loring housing market is still showing signs of stabilization.  Once again, most of the statistics for October 2009 show an improvement in the market over 2008.  We see active inventory down significantly, sales up significantly, and the average days on market down significantly.  The only number that looks negative, but really isn’t, is a drop in average sales price of 3.6%.  This is a fairly low drop, and given the other trends, is actually showing that the market is stabilizing.

With the recent extensions of the First-Time Homebuyer Tax Credit, I believe we will continue to see the market improve.  More importantly, one of the new provisions in the extension is a tax credit for people who have lived in their home for five of the last eight years who want to move into a new home.  They are eligible for up to a $6,500 tax credit as well.  (Please consult your accountant for full details of the credit!)  But what this will hopefully do is spur people who would like to move up to sell their lower priced property and purchase another home.  The market is quite ripe, with high demand in the lower priced homes and a bit softer on the more expensive homes.  Conditions are perfect for moving up!

This extension is for people under contract by April 30, 2010.  If you are thinking of making a move, it would be best not to wait too long. With the market stabilization and multiple contract offers that we are seeing, combined with the tax credit extension and expansion, I believe that we are returning to a more normal, stable market.  This should bode very well for the local area.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

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

Vienna/Dunn Loring, VA Market Report – 10/15/09

The table below represents the current market in Vienna and Dunn Loring, Virginia:

The Vienna and Dunn Loring housing market is definitely showing signs of stabilization. With active inventory down almost 12% in September, we see the time on market and average sales prices holding pretty consistent to last year’s levels. Even better, we see more homes being sold, with just over 13% more than the same time last year. Seeing a little uptick in the average sales price mirrors what we are seeing across the area–distressed properties are being absorbed and more regular sales are occurring. At this time, however, we still see a significant number of short sales, but the banks are more willing to deal with them to prevent expensive foreclosures. Because of this, we are seeing more successful closings of short sale properties. This is also helping to stabilize the market.

Finally, buyers trying to take advantage of the “First Time Homebuyer” tax credit are increasing the demand on properties. At this point, there is less than 45 days for people to take advantage of this, and I expect that we will continue to see high demand until it expires at the end of November.

The great thing about the market now is buyers are getting very good value on their purchases, and since there are buyers out in the market, sellers are actually able to sell their homes. It is refreshing to see, and I would encourage both buyers and sellers to get in the market as soon as possible to take advantage of the current conditions.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

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

Vienna/Dunn Loring, VA Market Report – 9/18/09

Market statistics for Vienna and Dunn Loring, despite initial appearances, are actually showing a stabilization of the market.  Even though active inventory is down just over 9%, average sales price is down almost 11%, and average days on market is up 19%, we are seeing prices stabilize throughout the surrounding areas, with only small losses or even some increases in average sales price.  I expect that as we move forward through the rest of the year and into next year, the Vienna and Dunn Loring market will start to show small average price increases and more sales activity.

The trend in the Northern Virginia area, which we are seeing mirrored in these local statistics, is fewer listings on the market and more sales.  This can do nothing but stabilize the market and start it on the road to recovery.

Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for Homes in Vienna,  Dunn Loring, and all of the DC Metro: www.averyhess.com