The below statistics for Reston and Herndon are pretty amazing. We are seeing the active listings plummet yet again over the same time last year, but very impressive gains in average sales prices in both communities.
|Average Sales Price||$400,625||$314,699||27.3%||$413,492|
|Average Sales Price||$374,673||$319,267||17.4%||$410,897|
In Reston, the most notable standout is the 27.3% increase in the average sales price. I attribute this increase primarily to more expensive homes finally beginning to sell in Reston that were not selling at the same time last year. Sales are pretty consistent, but the average days on market (DOM) is drastically down, primarily due to the decreased inventory that is on the market.
In Herndon, we see a 17% increase in average sales price and a 59.8% decrease in days on market. The interesting thing about Herndon is that the number of homes sold actually decreased from last year by 28.8%. This is mostly due to the decreased inventory on the market more than anything else.
All indications appear that we are heading to a return of a healthy local housing market. The clock is ticking for people to take advantage of the $8,000 federal tax credit for first time homebuyers, and it certainly is also a great time to put a home on the market with the low inventory and the pent up demand.