Market Update July 2009: Hunters Woods, Reston, Virginia (20191)

Sales in the Hunters Woods section of Reston, Virginia continued briskly with more units sold in July 2009 than July 2008. Below are the statistics comparing sales from last July to this July for both number of units sold and the average net price (price less seller incentives).

Number of Detached Homes Sold From 7/1/08-7/31/08:      10
Average Net Price in 2008: $    648,227
Number of Detached Homes Sold From 7/1/09-7/31/09:     14
Average Net Price in 2009:   $   496,309
Percentage Price Change:      -23% *                 

* One factor contributing to this downturn in average net price was the sale of a lake front home in July 2008 for $1,250,000 with a seller contribution of $2,727.50. The highest priced detached home sold in July of 2009 was $718,000 with no seller contribution. If that house is removed, the Average Net price is: $581,667 and the percentage change is: -10%, which is more in line with the change in single family homes in other areas of Northern Virginia.

Number of Townhouses Sold From 7/1/08-7/31/08:   
23
Average Net Price in 2008:  $  333,507

Number of Townhouses Sold From 7/1/09-7/31/09:     30
Average Net Price in 2009:    $  $354,303 
Percentage Price Change:   +6%

Number of Condominiums Sold From 7/1/08-7/31/08:     19
Average Net Price in 2008:  $  $204,258 
Number of  Condominiums Sold From 7/1/09-7/31/09:   19
Average Net Price in 2009:    $    $159,990
Percentage Price Change:     -21%

Total properties (all 3 types) sold in July of 2008:   52
Total properties (all 3 types) sold in July of 2009:   63
Percentage change in numbers sold:            +21%        


The number  of condominiums sold in the Hunters Woods section  remained steady while the prices decreased significantly.    There was a comparable decrease in the average net price (sales price less seller incentives or contribution) for detached homes and an 40% increase in the number of units sold. Like other sections of Reston, the greatest demand was for mid-priced homes which resulted in a 30% increase in the number of townhouses sold and an increase in the average net price of 6% from July of 2008.

Buyer demand for townhouses in Hunters Woods was clearly driving the significant improvement in total number of units sold in this area in July 2009. This demand is likely driven by the government incentives for First Time Buyers and the favorable interest rates.

Across all areas in Reston, an increase has been seen in the number of townhouses sold. In Hunters Woods and Northpoint, there as been an increase in the average net sales price while Lake Anne has seen a decrease.  Keep in mind that since in many cases the numbers of units sold is relatively small, a very high or very low price can have a big impact on the average price.

For more information about sales in the Lake Anne section of Reston:Market Update, Lake Anne July 2009

For more information about sales in the North Point section of Reston:Market Update, North Point July 2009

 

 

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Comment balloon 0 commentsHolly Weatherwax • August 11 2009 11:53AM
Market Update July 2009: Hunters Woods, Reston, Virginia (20191)
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Sales in the Hunters Woods section of Reston, Virginia continued briskly with more units sold in July 2009 than July 2008. Below are the statistics comparing sales from last July to this July for both number of units sold and the average net price.. more
Market Update: Hunters Woods, Reston, Virginia (20191)
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Despite what you hear in the press, I found this to be a very busy Spring. Looking at the statistics from the Hunters Woods area, it appears that there were many other people who were also busy! Number of Detached Homes Sold From 4/1/08-6/30/08: … more
Reston, Virginia Statistics for 2008: Hunters Woods, 20191
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In 2008 there were a total of 447 units (detached, townhouse and condominium) of real estate sold in Hunters Woods, Reston, Virginia (zip code 20191). The highest priced unit was a detached house that sold for $1, 250, 000. The lease expensive… more
July & August Sales Figures for Hunters Woods, Reston (20190) as…
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Total Listings Sold to date in 2008: 268 Price range of all properties sold to date in 2008: $110, 000-$1, 250, 000 Detached Homes, Active : 39 $210, 000-$$1, 230, 000 Detached Homes, under Contract: 14 $232, 500-$649, 900… more
May Sales & Listing Figures for Hunters Woods(20191) as of 6/08/08
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Total Listings Sold to date in 2008: 161* Price range of all properties sold to date in 2008: $112, 000-$815, 000 Detached Homes, Active : 43 Detached Homes, under Contract: 27 Detached Homes, Sold since 5/1/08: 11 Townhouses, Active… more
April Sales & Listing Figures for Hunters Woods (20191) as of 5…
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Total Listings Sold to date in 2008: 120* Price range of all properties sold to date in 2008: $157, 000-$815, 000 Detached Homes, Active : 51 Detached Homes, under Contract: 18 Detached Homes, Sold since 4/1/08: 8 Townhouses, Active: 101… more
Reston Virginia, Hunters Woods (20191): YTD Sales Figures, 3/19/08
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Here is a summary of the market conditons in the Hunters Woods Village area of Reston (zip code, 20191). These statistics were valid as of 3/19/08. Homes Sold in Hunters Woods Total Listings Sold in 2008 : 65 Detached Homes Sold… more