|Vienna / Dunn Loring||August 2009||August 2008||% Change|
|Average Sales Price||$614,909||$690,712||-10.97%|
|Average Days on Market||79||64||18.99%|
Market statistics for Vienna and Dunn Loring, despite initial appearances, are actually showing a stabilization of the market. Even though active inventory is down just over 9%, average sales price is down almost 11%, and average days on market is up 19%, we are seeing prices stabilize throughout the surrounding areas, with only small losses or even some increases in average sales price. I expect that as we move forward through the rest of the year and into next year, the Vienna and Dunn Loring market will start to show small average price increases and more sales activity.
The trend in the Northern Virginia area, which we are seeing mirrored in these local statistics, is fewer listings on the market and more sales. This can do nothing but stabilize the market and start it on the road to recovery.
Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Vienna, Dunn Loring, and all of the DC Metro: www.averyhess.com