The following statistics represent the market conditions in Reston and Herndon, Virginia:
|Average sales price||$413,492||$386,858||6.9%|
|Average sales price||$410,897||$362,073||13.5%|
There are two things that are definitely driving the market in both Reston and Herndon, and that is a shrinking inventory of active listings and the $8,000 federal tax credit available to buyers who have not owned a home in the last 3 years. The statistics in these two areas are very impressive. The lower priced inventory in both areas are driving a number of the statistics we see here. In fact, since there is now a shortage of foreclosures on the market, we should continue to see some impressive numbers for the rest of the year.
In Reston, we see a decrease of over 22% of active listings on the market and an impressive sales jump of 23%. Couple that with an almost 7% increase in average sales price and homes selling after an average of 51 days on the market (DOM), and the market looks like it’s almost back to normal. But just what is a normal market? A normal market consists of homes that are priced correctly and in good condition to sell within 30 or 60 days. A 37% drop in time spent on the market is definitely impressive and indeed a sign of the increased demand.
Herndon shows similar numbers, but with a couple of interesting differences. Days on market has come down to closely mirror Reston, just as the number of active listings has grown. However, the average sales price has increase 13.5%, a growth of almost twice that of Reston. The interesting statistic in Herndon is that sales actually went down 3.3% from the same time last year. This can simply be attributed to the lack of inventory on the market due to a lack of foreclosures coming onto the market now. This lack of inventory is one of the reasons for the increased sales prices as well.
Buyers are out and homes are selling! If I were thinking of selling my home, I would strongly consider getting my home on the market now,while inventory is low and the tax credit is still available.
Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Reston, Herndon, and all of the DC Metro: www.averyhess.com