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December 2011 Market Report for Reston, VA 20190

Real Estate Agent with Associate Broker, Momentum Realty

January 20, 2012 03:33 AM

Here is the December 2011 market activity report for Reston, VA, 20190 zip code (North of the Toll Road, south of Baron Cameron Avenue, includes Lake Anne and the Reston Town Center).

December is a notoriously slow month for real estate in the Northern Virginia area. This December did not behave any differently. In fact, this December was even slower than December of 2010 in the 20190 zip code--and in all of Reston (click here for the 20194 Market Report and for the 20191 Market Report).

While consumer confidence is slowly regaining its foothold, buyers are still reluctant to move forward. Retail sales saw growth in November and December which could mean that consumers were spending their time and money on retail, rather than real estate, purchases.

Condominium sales made up the bulk of home purchases in the 20190 zip code for December of 2011, with 12 units sold. This was down from December of 2010, when 23 units sold. The average sold price, however was up 12.75%, from $335,726 to $378,544.

The 20190 zip code had only 2 detached homes sell in December. While this number looks very low, only 3 detached homes sold in December of 2010. This zip code has a large number of condominiums and townhouses relative to the number of detached homes. The average price, insignificant when only factoring two homes, does not help at all given that the 2 homes sold were atypical detached homes: a 2 bedroom ($160,000) and a 3 bedroom ($210,000).

In the Lake Anne/Reston Town Center area, 7 townhouses sold last month, compared to 10 in December 2010. The prices trends are not clear, given that they were significantly up in some categories and significantly down in others.

In December 2011, the 20190 zip code had 7 townhouses sold,2 detached homes and 12 condominiums. These numbers were significantly lower than in December 2010 when there were 10 townhouses, 3 detached homes and 23 condos sold, indicating that demand was down in December 2011.

If you are interested in finding out more about properties in the 20190 zip code, text me, call me or email me at 571-643-4902 or hollyweatherwax@mris.com.