|Average Sales Price||$355,442||$385,182||-7.7%|
When comparing statistics from October 2009 to October 2008 in Reston, we see that active listings are substantially lower this year, the sales increase is an astronomical 54%, and average days on market have plummetted almost 48%. The average sales price did decrease by 7.7%, and this is an indication that the market has hit the right price point with all the other positive numbers.
|Average Sales Price||$377,164||$284,377||32.6%|
In Herndon, we see a little bit different situation. Active listings are down significantly, average days on market has decreased an amazing 67%, and the interesting statistic is that average price increased 32%. However, homes sold fell 37.8%. In my opinion, the reason this figure is falling and the average sales price is increasing because there have not been as many foreclosures on the market this year. Because of that, the homes sold, did sell for more money, and because the prices were up the number of homes sold fell as a result.
I predict a strong market to continue through the Spring, with the continuation of the First-Time Homebuyer Tax Credit, and the expansion of it to include a tax credit for move-up buyers. Homebuyers who have owned and lived in their home for five of the last eight years are eligible for up to a $6,500 tax credit as well. Please see your accountant for full details, but this should definitely spark more buying and selling over the course of the first few months in 2010.