Market Update July 2009: North Point, Reston, Virginia (20194 )

Sales in the North Point 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:     6
Average Net Price in 2008: $   797,367
Number of Detached Homes Sold From 7/1/09-7/31/09:    4
Average Net Price in 2009:   $   747,063
Percentage Price Change:    -6%

Number of Townhouses Sold From 7/1/08-7/31/08:   9
Average Net Price in 2008:  $  419,862

Number of Townhouses Sold From 7/1/09-7/31/09:    18
Average Net Price in 2009:    $   $434,744
Percentage Price Change:  + 3%

Number of Condominiums Sold From 7/1/08-7/31/08:    2
Average Net Price in 2008:  $   245,000 and 250,000
Number of  Condominiums Sold From 7/1/09-7/31/09:  6 
Average Net Price in 2009:    $   $231,257
Percentage Price Change:    -6%

Total properties (all 3 types) sold in July of 2008:  17
Total properties (all 3 types) sold in July of 2009:  28
Percentage change in numbers sold:               +39%      

The sales of condominiums  in the North Point section  of Reston, Virginia reflect a real estate trend that is being reported in other areas: while sales are going up, prices are going down.   There was a 100% increase in the number of townhouses sold with a slight price increase. Slightly fewer detached homes sold in July and for those sold there was a decrease in the average net price comparable to that seen in the condominium market.

Buyer demand for townhouses in North Point 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 of 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 Lake Anne section of Reston:Market Report Lake Anne July 2009