Gloom and Doom is all we hear these days, but there are bright spots in the Reston Real Estate Market. Each of the zip codes in Reston has a variety of housing types (condominiums, townhouses and single family homes) which has an impact on the average sales price.
The real bright spot is the North Point area, the section of homes north of Baron Cameron Avenue in the 20194 zip code. In this market, the average days on market was 73 days, but the average sales price was up from the same quarter last year by 10.23% for an average of $559,200.
In the Lake Anne area, 20190 zip code, the prices were down only 3.23% from the same quarter last year and the average days on market was also 73 days. The average price was $414,100. The negative here is that the number of sales were down 40.86% from the same quarter last year. This translates to homes selling at close to the same prices as last year, but at a much slower rate. This zip code also contains the upscale condominiums in the Reston Towncenter area.
In the Hunters Woods area of Reston, distinguished by being South of the Dulles Toll Road and in the 20191 zip code, the prices were more significantly off, down 9.08% from the same quarter last year, but the change in % sold was only down by 13.3% from the last quarter last year. The average price for homes in this zip code was $393,500. This could be a factor of more townhouses and condominiums selling and fewer single family homes going to settlement.
This information is extracted from the Q4 2007 MRIS Economic and Market Watch Report, Local Report for Fairfax County. In Fairfax County, the report shows a forecast for a steady number of sales for 1st quarter of 2008, an increase in prices and fewer listings. This bodes well for sellers who have been waiting to sell and are trying to ‘play the market.' While this is not Reston-specific, it is reflective of the market in Fairfax County.
Remember, however, that your real estate investments should be part of a long term strategy and that you should buy real estate because the timing and pricing work within your personal investment strategy, not because you think the market has ‘hit bottom.'
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