Are we edging closer to a “Normal Market? Not really, we are still in the “Seller Zone”!
Prices will continue to climb at a steady rate as long as interest rates and inventory remain low. In the third quarter of 2013 there was an increase in new listings coming on the market but sold prices did not reduce. Why, you ask? Because inventory is still historically low. It gets even better for sellers, in November, the number of new listings dropped 14% compared to November 2012. This is the first significant drop in inventory since December 2012. Very good news for sellers! There are 10,777 homes in Gainesville and only 91 are actively looking for a buyer. That’s less than .01% of homes
Over the past two months there has been a 70% increase of new inventory available to buyers in the City of Manassas. Is it something sellers should be concerned about? Absolutely not! There are 14,053 homes in the City and as of Halloween night, only 87 are actively looking for a buyer. That’s .0062% of homes in active status, very low inventory indeed!
The graph below shows the amount of active listings over the last 5 years. The blue line represents new listings that came on the market. As you can see, active listing inventory has been pretty steady since 2009 with small peaks and valleys.
Buyer interest, prices and interest rates are expected to rise again next year so we highly
The warm weather has come and gone but the Vienna Real Estate market is still hot as we round out October.
Total Sold Dollar Volume
Median Sold Price
Avg Sold Price
Avg Days on Market
Avg Sold to Orig List Ratio
Homes are staying on the market for a shorter amount of time than last year and sold prices are up a healthy 8 percent. For only having 2 months worth of inventory on the market you can see that we are out selling what is available.
In 2012, the Sterling Market was caught in the Short Sale and Foreclosure trend, particularly the Sterling Park area. 2013 has seen a great resurgence of the overall market trends of Loudoun County and Northern Virginia, and inventories remain at record lows as the demand continues to outpace the supply.
Avg. Sales Price
Total Unit sales
Even though interest rates have moved up slightly, they have leveled off and show a slight fall back towards previous record lows.
What a great time to sell and enjoy the recovery of equity in your home. Thinking about selling,
September brings the last great push for real estate in the calendar year, and that's reflected in the numbers below. Our new listings have increased 25.94% over this time last year.
Word might finally be out that home prices are on the rise, and were, by 16.92% over this time last year. If you're a buyer looking within the city of Alexandria, this should come as very good news. There will be more to look at, more to choose from and with the favorable interest rates, a great time to buy. Why wait any longer?
Average Sold Price
The Ashburn “Red Hot” Market continues.
The total sales volume year over year is up 52%, while sold units are up 38%, and the average and the average sales price is up 10.5% . This amazing market trend is being driven by the increase in new home sales (similar to the one we experienced 3 years ago), coupled with historically low interest rates, and continued record low inventories in Northern Virginia.
Total Sales Volume
Avg. sold price
Do you live in Ashburn or are you considering selling? Now
No doubt about it. The real estate market is consumer driven.
While the average home prices in Springfield continue to rise, days on market also rose from what I previously reported last time. It seems consumers took a step back from the home buying rush experienced earlier in the year. Did the increase in the interest rates have anything to do with it? I would say so.
Average Sold Price
Average Days on Market
New Pending Sales
LIVE, WORK, PLAY, GET INVOLVED. These founding principles are still embodied by the Reston Community just like they were when this first planned community of Virginia was founded in 1960!
Like the rest of Fairfax County, Reston has had their numbers increase slightly like other recovered markets of the DC Metropolitian Area. Closed sales, average sales price, and total dollar volume are all up from a year ago. The market has definitely slowed down from the beginning of the spring market in March. Interest rates also have a huge impact on things slowing down as well.
Total Sold Dollar Volume
Even though there was a nearly 114% increase in new listings, the real estate market in Bristow is still in the "Seller Zone". Buyers have been trying to take advantage of historically low interest rates before they rise again but cannot find a home in good condition to purchase without already having multiple offers!
Even the homes that are in poor condition have investors swarming over them with cash offers. August should show a slowdown in sales activity as families gear up for the start of the school year, but September may come back with a bang!! (Look for those numbers in early October)
Compare home sales for Bristow in July of 2013 to home sales in July of 2012:
The number of
It's good to see an active selling market again. While some areas are experiencing the typical summer slow-down because so many are taking advantage of vacations, it's a great day for real estate regardless of whether you're in the market to buy or ready to sell.
Homes coming on the market are selling within a month. Buyers are taking advantage of the low interest rates and buying before prices and interest rates go higher. In July, over 38 homes sold in less than 10 days for top dollar!
Just remember, today our buyers want move-in ready and, in Burke, there are wonderful homes ready to move in to. If you're planning to sell, take the time to look around your house and fix anything you