Here’s a quick snapshot of the market in Ashburn, Virginia
- Homes for sale: 420 (up from 404 in January and down from 465 one year ago)
- Closed sales: 70 (up from 65 in January, up from 60 in February 2010)
- Average sold price: $402,305 (down from $423,445 last month, but up from $401,215 one year ago)
- Average days on market: 59 (up from 51 days last month, but down from 78 in February 2009)
When you consider that there were only about 20 selling days in February due to the two record back to back snow storms, to have more sales in February 2010 than 2009 speaks to the sense of urgency that buyers have as confidence returns to consumers in the Greater Washington, DC area.
Prices in Ashburn are stable to rising over the past year, but what influences the averages and medians are the quantity of lower priced houses that are selling. The bottom of the price range is still where the predominant amount of activity is occurring. The market bottomed in December 2008 and many who have purchased since then have actually already benefited from an increase in their equity position as prices have firmed and risen.
Perfectly normal is the fact that more houses are coming onto the market. We expect the number of homes coming on the market to increase each month for the next four months as is normal. The seasonality of residential real estate has not been repealed. This bodes well for buyers who want to take advantage of the low interest rates, liberalizing lending terms, and the Federal Housing Tax Credit. To get the tax credit you must be under contract by April 30th and close before June 30, 2010.
Ashburn has a great selection of homes and almost all of them are under 15 years old–the approximate age of the entire area. The great thing about Ashburn is because it is flush with such a huge diversity of homes, an individual or family can keep trading up or down in size and style and never change grocery stores. You can have change and stability at the same time.
Market report provided by David Hess, Executive Vice President, Avery-Hess, Realtors.
Search for Homes in Ashburn, VA: www.averyhess.com