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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