Centreville, VA Market Report 4/5/12

05 Apr
April 5, 2012

The Centreville market has seen a nice recovery since a very sluggish 4th quarter in 2011, even though days on the market has increased.

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.

February 2011 February 2012 % change
Avg. Sales Price $320,326 $338,612 6%
Avg. DOM 43 74 41%
Total Unit sales 58 59 1.8%
Active listings 123 93 -16%
Pending sales 228 174 6%

All indications are that this recovery will continue through the spring and early summer market.  Inventory in Fairfax County is at a 5 year low and interest rates continue at all time lows.  Those considering selling should consider their options while the inventory is down 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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