Centreville, VA Market Report 1/16/12

16 Jan
January 16, 2012

The Centreville market has seen a 10% decline in average sales price from December 2010, while Fairfax County has also seen a reduction of 2.3%.

Centreville is one of 3 markets in Fairfax County with a high percentage of townhouses and lower priced detached homes.  These markets are influenced more by changes in the economy due to employment and tighter lending requirements, than other areas of Fairfax County.

December 2010 December 2011 % change
Avg. Sales Price $328,468 $295,412 -10%
Avg. DOM 43 57 33%
Total Unit sales 84 74 -11%
Active listings 157 100 -16%
New pending sales 74 79 6%

 

Earlier projections of a recovery of the Centreville Market in 2011 have dimmed due the continued lack of consumer confidence.  We started 2011 with pending sales at a very low level, they doubled in the 2nd and partly through the 3rd quarter, then fell back to nearly the level of December 2010.

The year ended with the lowest inventory in Fairfax County in nearly 5 years, from a high of 7,900 active listings in August 2007 to a low of 2,300 in December 2011.  Those thinking of selling should consider their options while the inventory is low, and new home builders are anxious to sell, it is an opportunity to move up.

Information obtained from statistics supplied by Metropolitan Regional Information Systems, analysis and comment by Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Regional Office

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