|Vienna/Dunn Loring||Sep-09||Sep-08||% Change||Aug-09|
|Average Sales Price||$587,977||$580,737||1.25%||$614,909|
The Vienna and Dunn Loring housing market is definitely showing signs of stabilization. With active inventory down almost 12% in September, we see the time on market and average sales prices holding pretty consistent to last year’s levels. Even better, we see more homes being sold, with just over 13% more than the same time last year. Seeing a little uptick in the average sales price mirrors what we are seeing across the area–distressed properties are being absorbed and more regular sales are occurring. At this time, however, we still see a significant number of short sales, but the banks are more willing to deal with them to prevent expensive foreclosures. Because of this, we are seeing more successful closings of short sale properties. This is also helping to stabilize the market.
Finally, buyers trying to take advantage of the “First Time Homebuyer” tax credit are increasing the demand on properties. At this point, there is less than 45 days for people to take advantage of this, and I expect that we will continue to see high demand until it expires at the end of November.
The great thing about the market now is buyers are getting very good value on their purchases, and since there are buyers out in the market, sellers are actually able to sell their homes. It is refreshing to see, and I would encourage both buyers and sellers to get in the market as soon as possible to take advantage of the current conditions.
Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.
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