ales in the Lake Anne section of Reston, Virginia continued briskly in July, with more homes closing this year than last in all categories except detached homes. 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: 3
Average Net Price in 2008: $ 486,000
Number of Detached Homes Sold From 7/1/09-7/31/09: 1
Average Net Price in 2009: $ 560,000
Percentage Price Change: *because of the small sample size, this will not be an accurate reflection of the change in value
Number of Townhouses Sold From 7/1/08-7/31/08: 6
Average Net Price in 2008: $ 523,500
Number of Townhouses Sold From 7/1/09-7/31/09: 13
Average Net Price in 2009: $ 439,615
Percentage Price Change: -16%
Number of Condominiums Sold From 7/1/08-7/31/08: 14
Average Net Price in 2008: $ 328,318
Number of Condominiums Sold From 7/1/09-7/31/09: 18
Average Net Price in 2009: $ 279,808
Percentage Price Change: -14%
Total properties (all 3 types) sold in July of 2008: 23
Total properties (all 3 types) sold in July of 2009: 32
Percentage change in numbers sold: +28%
The sales of condominiums and townhouses in the Lake Anne area of Reston, Virginia reflect real estate trends that are being reported in other areas: while sales are going up, prices are going down. This was not true of detached homes, as reflected in the data above. Of course, the nature of Lake Anne is that there are fewer detached homes than townhouses and condominiums. The decrease in price may be attributed to a national increase in the number of short sale and foreclosure properties being sold, but this information is not readily available.
As you can see from the decrease in price and increase in sales of condos and townhouses, many entry level and mid-level buyers are taking advantage of the current buyers markets and advantageous interest rates to purchase homes. The government First Time Buyer incentives are also likely to be contributing to the increased number of units sold for these low to mid-priced homes.
Across all areas in Reston, an increase has been seen in the number of townhouses sold. In Hunters Woods and North Point, 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 Hunters Woods section of Reston: Market Report Hunters Woods July 2009
For more information about sales in the North Point section of Reston: Market Report North Point July 2009
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