13 August 2015

July Heat Hasn’t Slowed the Reston Real Estate Market

Reston Single Family Home Market

The Reston Single Family Home Market has been pretty strong this year, we have seen increased inventory starting in the Spring and continuing through July. July is actually a 12 month peak in inventory, a similar trend we’re seeing in surrounding markets as well. There were 94 homes on the market at month’s end. Buyer demand slowed ever so slightly in July though, it’s still pretty strong compared to the fall and winter months but this isn’t uncommon for the market to slow down about mid-summer. There were 29 total pending contracts at month’s end and 30 homes closed for the month of July.

The pricing ratios we’re pretty strong for the month of July. Slightly down from June but that’s because if you look at the graph below, June was at 100% Sold to Original List Price and List Price, a great statistic that is extremely hard to compete with! The homes sold in July closed for 97.3% of Original List Price and 98.4% of Current List Price. These are still strong numbers, it shows that buyers are willing to pay close to list price but it also means sellers are pricing their homes well. Days on Market saw a slight increase as well over the active spring market, homes sold with a median days on market of 27 days. Again, a strong number but an increase over June which saw just 10 days!

Reston Townhouse Market

The Reston Townhouse Market has kept pretty consistent levels of inventory over the past 3 months. There were 124 active townhouse listings in Reston by the end of July. Buyer demand was a bit stronger in Spring and early Summer but it’s still pretty strong, just not as strong. There were 59 closed sales in July and 57 total pending contracts as we entered into August. We would like to see the pending contracts be a little higher than closings but since they’re about even, we may see fewer closings in August. There will of course be some quick closes that bump that number up but we would expect closed sales to slightly dip in August.

Pricing ratios are pretty strong in the Reston Townhouse Market. In July, homes closed with a median sales price to original list price ratio of 100%! The original list price ratio is slightly beneath this, 98.9%. This means some townhome owners had to decrease price to secure a contract but being just over 1% off shows us sellers are pricing their homes right and the buyers are willing to pay. Homes sold with a median days on market of 19. Slightly up from the extremely competitive spring and summer but still a fantastic place to be.

Reston Condo Market

The Reston Condo Market’s inventory actually peaked in May, slightly different trend than we’ve seen in other sectors and surrounding market. Inventory went unchanged from June to July though there was a drop in total number pendings, the number of closings did go up! There were 45 total contracts pending at month’s end and 47 closed sales. That’s the highest number of closed sales for any month in 2015! If you’re in the market for a new condo in Reston, check out our newest condo listing at 1310 Garden Wall Circle, Reston VA 20190. This unit shows wonderfully with new paint and hardwoods floors, contact us today to set up your showing!

The pricing ratios are a bit lower in the condo market than townhouse and single family home markets. Condos sold in Reston last month with a median sales price of 98.4% which is still a very strong number. The original list to sales price ratio though is a bit different, this shows us homes sold at 96.4% or original list price. Sellers had to adjust their list price to generate the offer, this could be due to such high inventory and trying to squeeze just a little bit too much out of their property. No one can blame them for trying as that’s always the goal, to get as much out of your home as possible but this can sometimes leave you sitting on the market for too long. Often times if you are priced way too high, you will end up receiving less than if you were to price right out of the gate! Condos sold in Reston with a median days on market of 40. This is a pretty good number based on how much inventory we are working with, it’s slightly up from the spring/early summer but it’s still a strong number.

Wrap Up

Overall, the Reston Real Estate Market is doing quite well. The townhouse and single family home markets are still the strongest showing healthy levels of inventory with good buyer demand behind it. The Reston condo market is doing well too, if the buyer demand were able to pick up just a bit, it would be more in line with the other sectors. If you’re thinking about getting into the Reston Real Estate Market, get in touch with us at The Canto Group today!

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