Manassas, VA Market Report – 9/20/10

The City of Manassas is an independent city located in the heart of Prince William County, and it is the original County Seat of Prince William County, much as the City of Fairfax, an independent city is the County Seat for Fairfax County. Much of county government still functions within the city limits.

The City has a rejuvenated and revived Old Town section, with many new and diverse restaurants offering a selection from handmade hamburgers to gourmet and ethnic foods. It’s a great place to visit.  Click the link to learn more http://www.visitmanassas.org/camera/

Let’s take a look at the stats for August:

This a very small community that realized a huge number of foreclosures and short sales in 2010, hence the great difference in the median and average sold price for these 2 years.  Now, the market has stabilized and numbers fall more in line.  Much as Prince William County has recovered so has the city of Manassas.

Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Regional Office

Sterling, VA Market Report 5/24/11

As the spring market moves forward in full swing, the Sterling market bucks the trend with fewer listings than April 2010.  This is the result of fewer foreclosure properties in a market that was heavily dominated by those properties last year.

All indications are showing that the Sterling market will enjoy a steady increase in value.  The loss of the Federal Income tax credit has had a definite influence on the number of sales, due primarily to the price range which is very favorable to 1^st time buyers.

Commentary and analysis provided by Jim Agnew, Avery Hess, Realtors, Dulles/Westfields Regional Office
Search for homes in Sterling, VA and the entire DC Metro:www.averyhess.com

Sterling, VA Market Report 2/16/11

Last month I posed the question, “Are prices going down in Sterling?” I also said, “One month does not make a trend.” So this month we find out what happened.

See the details for Sterling below:

• Homes for sale: 169 for sale in January (Way down from the 234 for sale at the end of December and down from 205 in January last year.)
• Homes sold: 71 sold in January. (Down from 76 in December and 76 in January last year when there was tax credit in place.)
• Median sold price: $291,833 (up from $281,917 in December and $276,500 one year ago.)
• Average days on market: 52 (way up from 39 days one year ago)

Last year at this time we still had a homebuyer tax credit in place, and the comparisons are still hard to match.

Are prices falling? With stable employment and low interest rates, I cannot imagine why prices would not be stable. Sterling is still way above the December lows of two years ago. Sterling has a great housing stock of all sizes, prices and ages. At the present rate of sales and inventory, Sterling has less than a three months supply of homes, and six is considered a balanced market. So prices should be jumping like crazy.

Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro:www.averyhess.com

McLean/Tysons Corner, VA Market Report – 2/9/2011

A popular community in McLean, Tysons Corner is home to a major shopping mall of the same name and its upscale sister mall, Tysons Galleria. Tysons is considered the “downtown” of Fairfax County since one quarter of the county’s office space and one eighth of its retail space is located there.  And as the Metro Silver line construction is completed those numbers will grow considerably.

Surrounded by every conceivable amenity, homeowners and business owners in Tysons will find the very best in shopping, dining and recreation. The year-end statistics for Tysons indicated the total sales volume was down by 36% in December from the previous December. The average sales price however was up nearly nine percent.

Construction on the Metro Silver Line and the I-495 Hot Lanes will continue for a few years. Congestion is typical on the Tysons roadways. Nonetheless, Tysons Corner real estate is some of the most desirable in Northern Virginia. There are beautiful neighborhoods, great schools, and easy access to many major highways. Many homes in the area have doubled in value in the last 5 years, and though the general market conditions for the county have suffered, Tysons remains a strong option for the savvy buyers.

Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.

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

Sterling, VA Market Report 1/17/10

Did someone say DECEMBER?  You know December, the month when nobody buys real estate? This year was no exception. The normal seasonal softness that we experience each December was with us again.  See the details for Sterling below:

• Homes for sale: 360 for sale in December (Way down from the 478 for sale at the end of June, July and August and down from 374 in December last year.)
• Homes sold: 77 sold in December. (Down from 121 in December last year when there was tax credit in place.)
• Average sold price: $330,012 (down from $364,091 one year ago.)Average days on market: 56 (way up after having been in the high 30s all year and was 39 days one year ago)

Last year at this time we still had a homebuyer tax credit in place. So the comparisons are hard to match.

Are prices falling? One month does not make a trend so we will see what the rest of January brings. With stable employment and low interest rates, I cannot imagine why prices would not be stable. Sterling is still way above the December lows of two years ago. Sterling has a great housing stock of all sizes, prices and ages. At the present rate of sales and inventory, Sterling has between a four and five-month supply of homes, and six is considered a balanced market.

Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

Prince William County, VA Market Report – 12/30/10

Prince William is still growing and has become one of the richest counties in the United States. Currently, with adjacent Fairfax County mostly developed, the eye is on Prince William to provide new business space.

With the eastern part of the county located on the I-95 corridor it gives a straight commute to Washington, DC and with the western part of the county located close to the Dulles Airport, the county remains very popular for reasonably priced homes.

Home to one of the most beautiful new buildings in the area, The Hylton Center for Performing Arts has been likened to the Sydney Opera House.

Prince William was one of the hardest hit counties in the area when the market took the turn for the worse and although new listings and closed sales are down from last year, the median sales price is up which is very encouraging.  Below is a snapshot of activity in our area for last month with a comparison to the year before.

November

Market data and commentary provided by Steve Mayes, Managing Broker, Avery-Hess, Realtors.

Search for homes in Prince William County, and all the DC Metro: www.averyhess.com