Brambleton Real Estate 2009 Q2 Summary

[Update 7/28/09 - 2009 Q2 Sales PDF File Link Corrected.]

QUICK SUMMARY

Number of Resale Homes Sold in 2008 Q2: 31
Number of Resale Homes Sold in 2009 Q2: 33
Change: 6.5% increase 

Average List Price in 2008 Q2: $445,894
Average List Price in 2009 Q2: $420,126
Change: 5.8% decrease  

Average Net Price (Sold Price - Subsidy) in 2008 Q2: $431,306
Average Net Price (Sold Price - Subsidy) in 2009 Q2: $411,460
Change: 4.6% decrease  

Average DOMP in 2008 Q2: 59
Average DOMP in 2009 Q2: 49
Change: 17.3% decrease  

Number of Short Sales 2008 Q2: 5
Number of Short Sales 2009 Q2: 10
Change: 100% increase 

Number of Foreclosures 2008 Q2: 15
Number of Foreclosures 2009 Q2: 14
Change: 6.7% decrease  

Percentage of Distressed Resales in 2008 Q2: 64.5%
Percentage of Distressed Resales in 2009 Q2: 72.7%

Change: 12.7% increase 

Click here to view all resales in 2008 Q2 and 2009 Q2 in spread sheet format.
Click here to download all sales in 2008 Q2 in PDF file with photos. 
Click here to download all sales in 2009 Q2 in PDF file with photos.

SAME MODEL COMPARISON BETWEEN 2008 Q2 & 2009 Q2

In this section, I like to compare the same models that sold during Q2.  Comparing apples to apples is much easier than comparing apples to oranges.  Please keep in mind that single families are harder to compare due to many variations such as elevation, finished basement, bump outs, extensions, decks, etc..  Prices reflect net price.


Short Sale 

Foreclosure

Condos

Summerfield Como 2008 : $169,200
Summerfield  Como 2009:  $129,000

Change: 23.8% decrease

Summerfield  Verona 2008: $232,086
Summerfield  Verona 2008: $243,000
Summerfield Verona 2009: $194,000
Summerfield Verona 2009: $200,000
Summerfield Verona 2009: $197,300

Change: 17.0% decrease

Townhouses

Beazer Chancery 2008: $369,900
Beazer Chancery 2008: $362,400
Beazer Chancery 2008: $375,000
Beazer Chancery 2008: $375,000
Beazer Chancery 2008: $365,000
Beazer Chancery 2008: $390,000
Beazer Chancery 2008: $415,000
Beazer Chancery 2008: $424,000
Beazer Chancery 2008: $430,000
Beazer Chancery 2008: $490,000

Beazer Chancery 2009: $360,000
Beazer Chancery 2009: $354,050
Beazer Chancery 2009: $389,000
Beazer Chancery 2009: $412,500

Change: 5.2% decrease

Single Families

Stanley Martin Ballou 2008: $505,000
Stanley Martin Ballou 2008: $599,000
Stanley Martin Ballou 2009: $470,000

Change: 14.9% decrease

Miller & Smith Rhapsody 2008: $570,00
Miller & Smith Rhapsody 2009: $524,900

Change: 7.9% decrease

Miller & Smith Clara Bow 2008: $505,000
Miller & Smith Clara Bow 2008: $530,000
Miller & Smith Clara Bow 2008: $540,000
Miller & Smith Clara Bow 2008: $679,900
Miller & Smith Clara Bow 2009: $535,000
Miller & Smith Clara Bow 2009: $569,237

Change: 2.1% decrease

SUMMARY

2009 Q2 was busier than 2008 Q2.  Homes are selling faster but prices have dropped.  Distressed properties, short sale and foreclosures, accounted for 73% of all resales.  Expect similar pattern for the next few quarters.   It would of been much busier if there were more reasonably priced normal resales.  The inventory is at all time low.  As I write this summary, we only have 2 month worth of inventory.  If you're looking to sell, now is the time!  Feel free to email me or call me (703-401-0571) with any questions.

I launched a new blog, VirginiaShortSaleExpert.com, to address common short sale issues.  Whether you or someone you know are considering purchasing a short sale or thinking about short sale, check the blog and contact me with any questions.  I get calls just about everyday from all over US. 

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.