Market Update – December 2009/January 2010

Happy New Year!

It’s time to wrap up 2009 with our monthly real estate update.

Here’s a quick summary:

  • Year-end housing inventory in our region was at its lowest since March 2006.
  • Pending sales for December 2009 were still way up over December 2008.          

                       

  • First-time homebuyers can still take advantage of the extended $8,000 First-Time Homebuyer Tax Credit. The extension covers contracts through April 30, 2010. (Income limits/restrictions apply). It remains to be seen whether the effect of the extension lasts & “trickles up” – or if it has a short-term effect.
  • The same can be said for the Repeat Homebuyer tax credit of $6,500 that was authorized in November and also applies to contracts through April 30th.  

                             

  • Finally, what we said last month is still the case today: We are seeing vastly different markets – not just by price range, but by town and even by neighborhood. Some areas are experiencing bidding wars & escalation clauses – while other areas have the same homes languishing on the market month after month after month. We are often asked, “Are we currently in a Buyers Market or a Sellers Market?” and the answer is “It depends.” What does it depend on? Factors like property type (for example – contemporary versus colonial . . .or condo versus single family), price range, school district, proximity to Metro, new construction or resale, proximity to DC and more. If you are considering buying or selling a home, make sure you contact us for an in-depth and targeted answer to this question. Northern Virginia used to be much more homogenous as a market; but in today’s market we are finding it much more diverse.

And now here is detailed market info for December. (Our most requested area for detailed information is Vienna Oakton. See below for other areas).

VIENNA:                                                   Dec 09                   Dec 08

# New Listings                                    41                      70                      

# Under Contract                                42                      37               

# Sold/Settled                                    58                      55       

Average Days on Market

for December Solds                            70 days              111 days    

Highest Price Sale                            $6,900,000            $1,701,437

OAKTON:                                                  Dec 09                   Dec 08

# New Listings                                     20                     15                     

# Under Contract                                 17                      8                       

# Sold/Settled                                     17                     15                                  

Average Days on Market                        

for December Solds                            62 days              69  days    

Highest Price Sale                            $3,430,000          $1,760,000

What Sold (ie- went to settlement) in Oakton in December 2009?

Under $500,000 (none were single family homes):

  • 3179 Summit Sq #2-B8 – $240,000 (no subsidy)
  • 10059 Oakton Terrace Rd #59 – $262,000 (no subsidy)
  • 10248 Appalachian Cir – $290,000 (less a $8,700 subsidy = $281,300 Net)
  • 9946 Capperton Dr – $295,000 (no subsidy)
  • 10309 Granite Creek Ln – $330,000 (less a $10,000 subsidy = $320,000 Net)
  • 2960 Borge St – $370,000 (no subsidy)
  • 10319 Emerald Rock Dr – $393,500 (less a $500 subsidy = $393,000 Net)
  • 10228 Baltusrol Ct – $479,000 (no subsidy)

$500,000 to $775,000:

  • 2919 Bree Hill Rd – $582,000 (less a $600 subsidy = $581,400 Net)
  • 3112 Castleton Ct – $625,000 (less a $10,000 subsidy = $615,000 Net)
  • 10168 Castlewood Ln – $620,000 (no subsidy) BELT TEAM SALE
  • 10400 Adel Rd – $640,000 (less a $10,000 subsidy = $630,000 Net)
  • 3304 Saddlestone Ct – $774,500 (no subsidy)

$775,000 to $999,000:

  • 3433 Valewood Dr – $790,000 (no subsidy)
  • 10313 Lynnhaven Pl – $897,000 (less a $5,000 subsidy = $892,000 Net)

$1,000,000 and up:

  • 11110 Sweetwood Ln – $1,237,500 (no subsidy)
  • 11215 Stuart Mill Rd – $3,430,000 (no subsidy)

What Sold (ie- went to settlement) in Vienna in December 2009?

Under $500,000:

  • 214 Locust St SE #117 – $199,900 (no subsidy)
  • 2765 Centerboro Way #347 – $220,000 (no subsidy)
  • 2965 Cashel Ln – $325,000 (less a $7,446 subsidy = $317,554 Net)
  • 3018 Sugar Ln – $342,000 (less a $2,250 subsidy = $339,750 Net)
  • 2720 Bellforest Ct #305 – $366,000 (less a $6,000 subsidy = $360,000 Net)
  • 3004 Sugar Ln – $365,000 (less a $3,500 subsidy = $361,500 Net)
  • 1516 Northern Neck Dr #101 – $365,000 (less a $150 subsidy = $364,850 Net)
  • 2651 Park Tower Dr #04/106 – $369,000 (no subsidy)
  • 8334 Wesleyan St – $370,000 (no subsidy)
  • 8612 Acorn Cir – $402,000 (less a $10,000 subsidy = $392,000 Net)
  • 115 Tapawingo Rd – $405,000 (less a $6,075 subsidy = $398,925 Net)
  • 8223 Goldstream Ct – $400,000 (no subsidy)
  • 309 Plum St SW – $425,000 (less a $10,000 subsidy = $415,000 Net)
  • 2940 Waterford Ct – $415,000 (no subsidy)
  • 703 Hunter Ct SW – $420,000 (no subsidy)
  • 305 Tapawingo Rd SW – $435,000 (no subsidy)
  • 508 Beulah Rd NE – $455,000 (less a $6,300 subsidy = $448,700 Net)
  • 1892 Beulah Rd – $470,700 (less a $7,500 subsidy = $463,200 Net)
  • 2862 Sutton Oaks Ln – $481,500 (less a $5,000 subsidy = $476,500 Net)
  • 1813 Prelude Dr – $485,000 (less a $5,000 subsidy = $480,000 Net)
  • 413 Course St SE – $485,000 (no subsidy)

$500,000 to $775,000:

  • 8045 Merry Oaks Ct – $520,000 (no subsidy)
  • 2633 Skidmore Cir – $525,000 (no subsidy)
  • 8884 Ashgrove House Ln – $550,000 (less a $16,500 subsidy = $533,500 Net)
  • 2016 Madrillon Springs Ct – $541,500 (no subsidy)
  • 9022 Dellwood Dr – $554,900 (less a $10,000 subsidy = $544,900 Net)
  • 10319 Mountington Ct – $549,900 (less a $5,000 subsidy = $544,900 Net)
  • 2041 Pieris Ct – $552,000 (no subsidy)
  • 141 Roland Ct SW – $600,000 (no subsidy)
  • 9908 Montclair Ct – $600,000 (no subsidy)
  • 131 Shepherdson Ln NE – $611,000 (no subsidy)
  • 8044 Reserve Way #53 – $643,069 (less a $7,000 subsidy = $636,069 Net)
  • 2107 Sheriff Ct – $670,000 (less a $11,000 subsidy = $659,000 Net)
  • 9504 Lagersfield Ct – $685,000 (no subsidy)
  • 1605 Lozano Dr – $685,000 (less a $5,000 subsidy – $680,000 Net)
  • 8955 Miller Ln – $710,000 (less a 10,000 subsidy = $700,000 Net)
  • 1697 Abbey Oak Dr – $705,000 (no subsidy)
  • 9508 Spinet Ct – $710,000 (no subsidy)
  • 2232 Carmichael Dr – $720,000 (less a $10,000 subsidy = $710,000 Net)
  • 1421 Filene Ct – $744,000 (no subsidy)
  • 9927 Tartan Ct – $745,000 (no subsidy)
  • 2834 Hill Rd – $766,000 (less a $7,000 subsidy = $759,000 Net)
  • 8037 Reserve Way – $760,000 (no subsidy)

$775,000 to $999,000:

  • 2376 Jawed Pl – $818,000 (less a $5,000 subsidy = $813,000 Net)
  • 8507 Ashgrove Plantation Cir – $825,000 (no subsidy)
  • 2063 Madrillon Rd – $845,000 (less a $875 subsidy = $844,125 Net)
  • 305 East St – $850,000 (no subsidy)
  • 10502 Hunting Crest ln – $865,000 (no subsidy)
  • 347 Orchard St NW – $870,000 (no subsidy)
  • 1965 Yearling Ct – $875,000 (no subsidy)
  • 909 Potterton Cir SW – $891,000 (no subsidy)

$1,000,000 and up:

  • 921 Park St SE – $1,015,000 (no subsidy)
  • 1303 Meadow Glen – $1,035,000 (no subsidy)
  • 1629 Beulah Rd – $1,365,000 (no subsidy)
  • 9520 Francis Young Ln – $1,405,910 (less a $27,000 subsidy = $1,378,910 Net) BELT TEAM LISTING
  • 10221 Wendover Dr – $1,675,000 (no subsidy)
  • 10411 Wickens Rd – $1,950,000 (no subsidy)
  • 9133 Old Courthouse Rd – $6,900,000 (no subsidy)

RESTON:                                                   Dec 09                   Dec 08

# New Listings                                    68                      87

# Under Contract                                78                      68                               

# Sold/Settled                                    80                      83                  

Average Days on Market

for December Solds                             40 days             65 days    

Highest Price Sale                            $1,095,000          $725,000

MCLEAN:                                                  Dec 09                   Dec 08

# New Listings                                    18                       63                                

# Under Contract                                36                       35                                 

# Sold/Settled                                    58                       53                                              

Average Days on Market

for December Solds                            119 days            98 days    

Highest Price Sale                            $2,300,000          $4,125,000

GREAT FALLS:                                          Dec 09                   Dec 08

# New Listings                                     8                        26                          

# Under Contract                                 6                        11                          

# Sold/Settled                                    16                       13                              

Average Days on Market

for December Solds                            166 days             147 days    

Highest Price Sale                            $2,650,000          $3,625,000

For more information on any of these sales (or if you would like further information on other areas), or if you are thinking of buying or selling a home, please contact The Belt Team at (703) 242-3975. The Belt Team has sold more homes in Northern Virginia than almost any other Realtor since 1972 and we also offer our expertise in areas ranging from Loudoun County to Arlington to Silver Spring! It would be our pleasure to help make your real estate dreams come true!

And don’t forget to check out our blog regularly for hyper-local real estate information in between these market updates!

Regards,

Terry, Pauline, Mary Jane, Kevin, Gail, Christy, Jerry & Tara

The Belt Team, Keller Williams Realty

#1 Real Estate Team in Vienna/Oakton since 1972
#1 Real Estate Team, Keller Williams – State of Virginia

Direct Line: 703-242-3975
Email:
Sales@TheBeltTeam.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s