Ashburn, VA Market Report – 8/31/10

Ashburn is still an active and hot residential real estate market. The stats and analysis are as follows:

• Homes for sale: 511 (same as in June and up from 440 one year ago)
• Homes sold: 88 (down from the tax credit induced 133 units in June and down from last year’s tax credit induced 121 units)
• Average sold price: $515,823 (a statistical spike over last month’s $444,119 and last year’s $435,855)
• Average days on market: 61 (very close to last year’s 60 days)

The increase of the trade up market, in which homeowners with equity sell and then buy a more expensive property, has resulted in a larger number of higher priced properties being sold.  More than we have seen in a long time causing the averages to go up.

Currently, we have a five-month supply of houses to purchase.  This is up from the four-months supply we had a few months ago. Remember that a six-month supply is considered a balanced market. If we can avoid another government housing stimulus, the market will have a chance to get back to “normal.”

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Leesburg, VA Market Report – 8/11/10

Time to buy a house? If so, check out Leesburg, Virginia. Why? See the stats below and make your own decision. But it looks good to me….

The figures below reflect the Leesburg, Virginia market during the month of June 2010.

• Homes for sale: 621 (almost the same as 618 in May, and close to the 614 one year ago)
• Homes sold: 126 (up from 91 in May and close to the 132 of one year ago)
• Average sold price: $436.670417,479 (up from 417,479 in May and up from $420,963 in April and up from $410,940 same time last year.)
• Average days on market: 46 (down from 59 in May and 55 in April and way down from 80 one year ago.)

No tax credits, but the sales are still good and prices are stable to rising. Please congress, no more intervention in the markets, We need things to stabilize as they are now doing on their own, thank you very much! The real estate market is getting stronger everywhere in the DC Metro area as stable employment, low interest rates and good consumer confidence leads to a trifecta of positives for the market.

Sterling, VA Market Report 8/5/10

The following represents the real estate market in Sterling, Virginia:

• Homes for sale: 467 for sale at the end of June (very stable! 454 in May, 470 in April, 460 in March and down from 488 one year ago.)
• Homes sold: 133 sold in June. (Compared to 132 in May, 121 in April, 111 in March, but down from 159 one year ago when prices were cheaper.)
• Average sold price: $365,113 (way up from $319,844 one year ago.)
• Average days on market: 39 ( down from 43 in May and down from 64 days one year ago)

Note that in the past year prices in Sterling have risen from an average of under $320,000 to over $365,000. This is an increase of 14%. This 14% increase has had the effect of eliminating some lower income buyers from the housing market. Isn’t that interesting? While the media keeps talking about falling prices and shadow inventories, prices in Sterling are up 14% per year for two years in a row. The effect, even with the lowest rates in years, is that some folks are already priced out of the market.

For those hearty souls who had the courage to buy since the market bottomed in December 2008 they have been rewarded with increasing equity from price increases as well as paying down a small part of their mortgage each month with every payment. Not to mention the bragging rights of telling their friends at parties about the great real estate deal they got back in…

Commentary and analysis provided by David Hess, Executive Vice President.

Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

Ashburn, VA Market Report – 7/19/10

Supply and demand are both growing in Ashburn, reflecting a growing economy and increased consumer confidence. According to the statistics, we have a balanced market with just under a four month supply. The conventional wisdom is that a balanced market has a six month supply. So the current direction on prices is still indicating up.

• Homes for sale: 511 (up from 497 in May  and up from 433 one year ago)
• Homes sold: 133 (about the same as May’s 131 and up from 123 in May 2009)
• Average sold price: $441,119 (down a bit from last month at $451,953 and about the same as $440,838 in May one year ago)
• Average days on market: 27 (the same as in May, but way down from 62 one year ago)

27 days on the market! A few years ago a 27 day average would have prices rising two percent or more per month. While fundamentals never change, there are times in every kind of market when things just get a bit out of whack. It happened in 2003-2006 when prices got bid to very high levels. While the statistics reflect a stable market, which is based on a comparison of month to month and one year ago, if we look back 18 months, we can see how far prices have come from their bottom in December 2008.

But c’mon, 27 days on the market?! When market times get that low and inventory is under four months, it is safe to forecast big price jumps. So that is my forecast.

Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.

Search for Homes in Ashburn, VA: www.averyhess.com

Caroline County, VA Market Report – 7/16/10

Boy are we living in interesting times!  Our market has been all over the place this year!  We started off the year with snowy weekends which then moved on to the February blizzard!  We then experienced the frenzy of activity from Buyers qualifying for the tax credit.  Then May 1st came around and the market came to a screeching halt.  June was a welcome change and we started to have more of a normal activity level.  Looking at the activity over the past year, things for the most part remain relatively unchanged.   Here is a snapshot:

The most noticeable change is the drop in new listings.  Inventory has declined all across the Fredericksburg region.  When inventory decreases so does the average days on market for homes that are listed on the MLS.  We will need to see a continued reduction in inventory before our market starts evening out.  While we still have a long road ahead of us, the decrease in inventory makes this market a little bit better for Sellers.  Sellers that are priced right, show well and are in good locations are selling their houses for close to their list prices and quicker than in seasons past.

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

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

Leesburg, VA Market Report – 6/17/10

After being overly stimulated by government interference into the real estate market via the various tax credits, the market is returning to a normal balance of supply and demand and normal negotiations between buyers and sellers.

The figures below reflect the Leesburg, Virginia market during the month of May 2010.

• Homes for sale: 618 (down from 646 last month, and down from 643 one year ago)
• Homes sold: 91 (down from the tax credit induced frenzy  of 108 last month)
• Average sold price: $417,479 (down just a smidge from $420,963 last month but still up from $385,551 same time last year.)
• Average days on market: 59 (up from 55 last month and way down from 113 one year ago.)

Increasing consumer confidence combined with historically low interest rates have combined to help make it fun to trade up to a larger house again. Homeowners with equity are finding good demand for their homes and are happy with the supply of higher priced houses they have to choose from. Prices in Leesburg reflect this new healthy and stable market.

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