Currently, we have a five-month supply of houses to purchase. This is up from the four-months supply we had a few months ago. Remember that a six-month supply is considered a balanced market. If we can avoid another government housing stimulus, the market will have a chance to get back to “normal.”
Supply and demand are both growing in Ashburn, reflecting a growing economy and increased consumer confidence. According to the statistics, we have a balanced market with just under a four month supply. The conventional wisdom is that a balanced market has a six month supply. So the current direction on prices is still indicating up.
After rising steadily from the bottom of the price cycle in December 2008, Ashburn, based on these statistics, is the rock of stability, despite this big one month spike in average sales price.Supply is growing, but so is demand. A six month supply is considered a balanced and healthy market. At the present rate of sales Ashburn has just over a four month supply.
It’s that time of the year when more houses come onto the market and this year is no exception. 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 greatest thing about Ashburn is that it is flush with such a huge diversity of homes, an individual or family can keep trading up or down in size and style without ever changing grocery stores!
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.
The average sales price in Ashburn has bounced around like a ping pong ball from month to month for the past 18 months. Prices are definitely still lower than one year ago, but when looking at the median sales price rather than the average sales prices, you can see that the prices are stabilizing or rising slightly.
As is normal at the beginning of the year through early summer, more houses are coming onto the market. This bodes well for buyers who want…
The average sales price took a big jump back to where it had been tracking 60 days ago. Last month’s big drop was a statistical aberration caused because the majority of what was sold was comprised of lower priced properties.
The average sales price took a huge dive from last month in large part because the majority of what was sold was comprised of lower priced properties. As a result, the average sales price dropped from $424,550 to $382,665. Common sense tells us that the market did not drop by 10% in one month. What we’re faced with now is a statistical anomaly that should smooth itself out over time.
What is interesting in preparing our reports is that we always pull the current month, the previous month of this year, and the current month of one year ago. Looking at the average sales price progression: September 2008 – $412,727, August 2009 – $421,493, September 2009 – $424,550, we notice a steady upward march of average sales prices.
Ashburn is a popular community of newer homes with many community amenities. It is located near many growing employment corridors, including the Dulles Technology corridor, as well as Route 28, Tysons Corner, and Leesburg. Low interest rates combined with the lower median sales prices in Ashburn has made this a very popular community, especially with buyers seeking to settle before the November 30 deadline to take advantage of the Federal Housing Tax Credit for first-time home buyers.