Good News in the Reston Market

Gloom and Doom is all we hear these days, but there are bright spots in the Reston Real Estate Market. Each of the zip codes in Reston has a variety of housing types (condominiums, townhouses and single family homes) which has an impact on the average sales price.

The real bright spot is the North Point area, the section of homes north of Baron Cameron Avenue in the 20194 zip code.  In this market, the average days on market was 73 days, but the average sales price was up from the same quarter last year by 10.23% for an average of $559,200.

In the Lake Anne area, 20190 zip code, the prices were down only 3.23% from the same quarter last year and the average days on market was also 73 days. The average price was $414,100. The negative here is that the number of sales were down 40.86% from the same quarter last year.  This translates to  homes selling at close to the same prices as last year, but at a much slower rate.  This zip code also contains the upscale condominiums in the Reston Towncenter area. 

In the Hunters Woods area of Reston, distinguished by being South of the Dulles Toll Road and in the 20191 zip code,  the prices were more significantly off, down 9.08% from the same quarter last year, but the change in % sold was only down by 13.3% from the last quarter last year. The average price for homes in this zip code was $393,500. This could be a factor of more townhouses and condominiums selling and fewer single family homes going to settlement.

This information is extracted from the  Q4 2007 MRIS Economic and Market Watch Report, Local Report for Fairfax County.  In Fairfax County, the report shows a forecast for  a steady number of sales for 1st quarter of 2008, an increase in prices and fewer listings.  This bodes well for sellers who have been waiting to sell and are trying to ‘play the market.' While this is not Reston-specific, it is reflective of the market in Fairfax County.

Remember, however, that your real estate investments should be part of a long term strategy and that you should buy real estate because the timing and pricing work within your personal investment strategy, not because you think the market has ‘hit bottom.'



If you like what you've read, please consider subscribing to my blog by clicking on the Orange RSS button and following the instructions. Thanks!

 Momentum Realty

A GREAT Real Estate  experience.

If I can help you, your friends or family buy or sell their next home in Northern Virginia, please let me know!

If you need help with a home outside of Northern Virginia, I have an extensive network of referral agents and will make sure you are working with the best!

The contents of this blog may not be copied or reproduced without the permission of Holly Weatherwax.




Comment balloon 0 commentsHolly Weatherwax • February 26 2008 11:28AM
Good News in the Reston Market
Gloom and Doom is all we hear these days, but there are bright spots in the Reston Real Estate Market. Each of the zip codes in Reston has a variety of housing types (condominiums, townhouses and single family homes) which has an impact on the… more
Can you Do It Alone?
I just returned from a ‘girl's weekend' with my college friends. During some downtime, I was sitting around with one of my friends and we started talking about marketing. She is a marketing professional, so I was very interested in what she had to… more
To Buy or Not to Buy?
If you have been contemplating a purchase, but are paralyzed by the media reports that we haven't hit rock-bottom yet, analysts are finally starting to come around! Every Realtor will tell you that waiting until the absolute bottom can really work… more
When the Numbers Don't Add Up
By now I expect that most sellers have heard that buyers expect the homes they are purchasing to be in good, if not excellent, condition. I have shown homes recently where the fact that the homes were not in good condition appeared to be reflected… more
Time for New Loan Products?
This morning in the Washington Post (Monday, Feb. 11, 2008) a really interesting editorial by Michael Hall was published. The link for this editorial is: http://www. washingtonpost. com/ac2/wp-dyn/NewsSearch? sb=-1&st=michael%20hill& I will… more
Looking to Improve our Reputation!
I wrote a blog awhile back titled, "We May Not Be Respected, But We are Happy! " referring to a Times article about the fact that, in general, real estate agents are a happy bunch. Here is the link for anyone that wants to read it: www… more
The Power of Positive Thinking
We all know them; the friends and family who continue to see the half-empty glass instead of the one that we see that is half-full. I confess that sometimes they drag me down. Luckily, I have made a habit of looking for the good in any situation,… more
A Chevy or a Cadillac?
Home improvements are expensive--no doubt about it. My husband, Bob, has a very well-respected home remodeling company, Ardent Home Services. He is often called upon to help friends, neighbors and clients decide how much to spend on their updates. … more
Sleep-Over Inspection?
There was a little article in Parade Magazine's column, Intelligence Report, this morning (Feb. 3, 2008) that discusses the fact that home purchasers in California are occasionally asking to spend the night in a home before writing a contract. … more
Getting Your House Ready to Sell Series: Why Use a Broker to List…
Many of us feel like our home equity has been 'taken away' from us as the value of our homes have declined. When you recognize that you stand to see a reduced profit from the sale of your home, you may be tempted to do it yourself. Here are some… more