The Vienna and Dunn Loring housing market is still showing signs of stabilization. Once again, most of the statistics for October 2009 show an improvement in the market over 2008. We see active inventory down significantly, sales up significantly, and the average days on market down significantly. The only number that looks negative, but really isn’t, is a drop in average sales price of 3.6%. This is a fairly low drop, and given the other trends, is actually showing that the market is stabilizing.
The Vienna/Dunn Loring housing market is definitely showing signs of stabilization. With active inventory down almost 12% in September, we see the time on market and average sales prices holding pretty consistent to last year’s level. Even better, we see more homes being sold, just over 13% more than the same time last year. Seeing a little uptick in the average sales price mirrors what we are seeing across the area, as distressed properties are being absorbed and more regular sales are occurring. At this time, however, we still see a significant number of short sales, but the banks are more willing to deal with them and prevent an expensive foreclosure. Because of this, we are seeing more successful closings of short sale properties. This is also helping to stabilize the market.
Market statistics for Vienna and Dunn Loring, despite initial appearances, are actually showing a stabilization of the market. Even though active inventory is down just over 9%, average sales price is down almost 11%, and average days on market is up 19%, we are seeing prices stabilize throughout the surrounding areas, with only small losses or even some increases in average sales price. I expect that as we move forward through the rest of the year and into next year, the Vienna and Dunn Loring market will start to show small average price increases and more sales activity.