|Vienna/Dunn Loring||Oct-09||Oct-08||% Change||Sep-09|
|Average Sales Price||$637,288||$661,267||-3.6%||$587,977|
The Vienna and Dunn Loring housing market is still showing signs of stabilization. Once again, most of the statistics for October 2009 show an improvement in the market over 2008. We see active inventory down significantly, sales up significantly, and the average days on market down significantly. The only number that looks negative, but really isn’t, is a drop in average sales price of 3.6%. This is a fairly low drop, and given the other trends, is actually showing that the market is stabilizing.
With the recent extensions of the First-Time Homebuyer Tax Credit, I believe we will continue to see the market improve. More importantly, one of the new provisions in the extension is a tax credit for people who have lived in their home for five of the last eight years who want to move into a new home. They are eligible for up to a $6,500 tax credit as well. (Please consult your accountant for full details of the credit!) But what this will hopefully do is spur people who would like to move up to sell their lower priced property and purchase another home. The market is quite ripe, with high demand in the lower priced homes and a bit softer on the more expensive homes. Conditions are perfect for moving up!
This extension is for people under contract by April 30, 2010. If you are thinking of making a move, it would be best not to wait too long. With the market stabilization and multiple contract offers that we are seeing, combined with the tax credit extension and expansion, I believe that we are returning to a more normal, stable market. This should bode very well for the local area.