Ashburn, VA Market Report – 6/2/10

• 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

Stafford County, VA Market Report – 5/27/10

Things are changing here in Stafford County!  I have some pretty promising information to share with you!  The real estate statistics in April were great compared to this same time last year!  Once everyone recovered from the blizzard, people had a lot of making up to do in March and April!  Since the deadline for qualifying for the tax credit was April 30th, many people made the most of the opporuntity and it showed in our market activity.

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

Centreville, VA Market Report 5/21/10

Centreville is HOT! Steadily rising prices and increasing demand and supply over the past few months means that Good Times are ahead. Plus with great shopping, entertainment and dining options what’s not to like about Centreville?

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

Leesburg, VA Market Report – 5/13/10

With a great variety of retail and restaurants, plus houses of every size, age and type imaginable, a buyer can certainly find what they want at a price of their choosing in Leesburg, Virginia. The report below represents the market conditions in Leesburg, Virginia.

• 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

Sterling, VA Market Report 5/4/10

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

• 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

Bristow, VA Market Report – 4/19/10

 Bristow has a four month supply of homes for sale. Six months worth of housing inventory is considered a balanced market by economists.  This low level of inventory keeps pressure on prices in an upward direction..

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