• 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

• 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

• Homes for sale: 516 (up from 458 last month and up from 479 one year ago)
• Home sold: 116 (up from 109 last month and up from 93 in April 2009)
• Average sold price: $429,339 (big jump from last month at $405,379 and $406,660 one year ago)
• Average days on market: 55 (up from 49 days last month but down from 84 one year ago)

Supply is growing, but so is demand. A six month supply is considered a balanced and healthy market. At the present rate of sales Ashburn has just over a four month supply. That is bullish for rising prices. And with interest rates at or below 40 year lows, there is still room for this rally to run.

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

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

As you can see, inventory is continuing to decline.  Once the inventory starts to shrink, days on market go down, percent of original sales price received at sale increases and the market becomes more competitive.  This is definitely the environment we are in now.  The market slowed down just a tad bit at the beginning of May, but we do feel like we are starting to see a momentum shift back in the right direction!  We hope this trend continues and look forward to a nice, active summer market!

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

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

The following statistics reflect the real estate market in Centreville, Virginia:

• Homes for sale: 435 (up from 401 last month, and up slightly from 424 at same time last year.)
• Homes Sold: 110 (up from 89 in March and February’s snowy 44 units. Up from 83 one year ago.)
• Average sold price: $337,492 (big jump up from $297,079 last month and WAY UP from $298,761 at the same time last year.)
• Average days on market: 21 (down from 34 last month and even more so from 74 days one year ago)

As we have said month after month, prices in Centreville are moving up and have been for the past 17 months. Over the past several months the market is no longer dominated by only First Time Buyers and Investors. We now have existing homeowners trading up to buy a bigger house.

With prices in Centreville rising and inventory also rising, we should see some stability in pricing soon as the supply rises to met the demand.. This is good for all parties!

Market data, commentary and statistics provided by David Hess, Executive Vice President.

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

• Homes for sale: 646 (up from 586 in March, and very close to the 662 one year ago)
• Homes sold: 108 (double the 54 of snowy February and up from 93 in March and up from 79 same time last year.)
• Average sold price: $420,963 (up from $380,889 last month and up from $382,406 same time last year.)
• Average days on market: 55 (down from 79 last month and way down from 93 one year ago.)

As we have been saying over the past year, prices in Leesburg have been rising steadily since December 2008 and are still trending up. For the first time in years, we are seeing a trade up market by those homeowners who did not over finance their property during the boom. With low rates, low prices and rising confidence, healthy housing consumers have decided to come back into the market.

We do not expect the expiration of the housing tax credit to have much effect on the housing market now that the recession is ending.

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

• Homes for sale: 460 (up from 397 in February, 383 in January and 374 in December, but a little under 489 one year ago)
• Homes sold: 111 (up from 55 last month and 71 in January and about the same as one year ago at 108)
• Average sold price: $318,038 (up from $308,463 last month and $264,597 one year ago. +20%)
• Average days on market: 30 ( very stable so far in 2010, down from 70 one year ago)

Since it is Spring, it is normal for inventory to rise and sales to also rise.  After about three years of decline, the market bottomed in December 2008. Since then, buyers 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.

Almost every month, for over a year, the median and average sales price in Sterling has been going up. In fact, it’s now 20% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 30 days compared to 70 days this time one year ago. Available inventory is about where it was a year ago. The decline in days on market tells me that there is huge demand for well priced, good condition houses.

Investors and first-time buyers had previously been competing to buy the same houses on the market, which drove up house prices. Recent changes in policy by Fannie Mae and Freddie Mac on the sale of their foreclosures will give owner occupant buyers first preference during the early marketing period. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price. Owner occupants are better for pride of ownership and neighborhood stability.

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

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

Below you’ll find a report of the previous month’s housing market in Bristow, Virginia:

• Homes for sale: 157 (up slightly from 148 last month, way under the 192 of one year ago)
• Homes sold: 39 (very stable over the past 12 months)
• Average sold price: $308,271 (down from $338,808, but up from $295,510 one year ago)
• Average days on market: 56 (has climbed from 21 days in January 2010 and 42 days in February, but still under the 65 days of one year ago)

Bristow’s prices bottomed out around December 2008, moved up steadily during 2009 and have started to stabilize in the first three months of 2010. At under $350,000 and selling in an average of 56 days, Bristow homes continue to offer good value for buyers which is why the number of transactions have been so stable. Bristow remains an affordable and in-demand place to live. With interest rates remaining in the 5% range, rising consumer confidence, and inventory at such a low level, high buying activity is creating an upward drift in prices. 

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

The following statistics reflect the real estate market in Centreville, Virginia:

• Homes for sale: 401 ( up from 336 last month, down slightly from 442 at same time last year)
• Closed sales: 89 (more than double February’s snowy 44 units)
• Average sold price: $297,079 (up from $287,280 last month,  and WAY UP from $261,306 in March 2009)
• Average days on market: 34 (down from 47 last month and even more so from 82 days one year ago)

So with these kinds of numbers, is there any doubt about what is going in with Residential Real estate in Centreville? As I have said in previous posts, those who bought over the past 15 months have been rewarded with increasing equity, both from rising house values and the reduction in their mortgage loan from making payments each month.

Prices in Centreville are rising and there is a trend toward declining inventory from which to select. As this trend continues, home prices will continue to rise as a result. In fact as this trend continues, the upward pressure on prices will be just that, Pressure!

Market data, commentary and statistics provided by David Hess, Executive Vice President.

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

The first few months of 2010 show a slight upward trend in the housing market and the year over year figures indicate a rise from the same period last year. The total number of homes sold is up by nearly 50%, the average sales price continues to go up with a 3.5% increase, the average days on the market has decreased from 90 to 61, a 32% decline. Sellers are getting 95.5% of the asking price as opposed to 92.5% last year.

The market, while not fully “recovered,” is certainly headed back in the right direction. We should continue to see improvement as we get closer to the April 30^th deadline for the Federal Tax Credit benefits for first time and move-up buyers.

Commentary and analysis provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors

Find Your Home. Plan Your Life. www.averyhess.com