This is an abbreviated look at the Reston real estate market.
Home sales are hot in Reston along with this amazing heat. We continue to benefit from low interest rates and very little inventory of homes for sale across all categories. The majority of business owners I speak with tell me business is good and back on an even keel. They seem to have survived a tough/slow winter but most are optimistic. My plug for the summer is if given an opportunity please support a local, family owned Reston business if and when you can. To them $25 or $100 spent in their salon, florist, gift shop or restaurant makes a difference - while at the other end of the spectrum for merchants at Reston Town Center business is booming – try getting into a restaurant most nights of the week without a reservation!
SALES - Reston home sales are strong and running at an almost identical pace as last year. For the first six months of the year we sold 105 detached homes (vs. 113 last year), 202 townhouses (192 in 2011) and 189 condominiums (vs. 184 in 2011). Sales numbers (units sold) were about the same 496 in 2012 vs. 489 last year. This is very good compared to one year ago when sales were down 20 percent compared to the previous year. The average days on market/time to sell is 30 days down from 35 days for all categories. Exceptionally strong sales were noted across all price ranges and housing styles/types.
Overall, any and everything is selling if priced correctly. If you have thought about selling now is an ideal time, call me to discuss your plans, I can help with vendors, work to be done, staging, etc.
INTEREST RATES – Simply amazing and in the mid 3 percent for thirty year fixed compared to last year when we were holding steady in the high 4s to low 5s.
NEW CONSTRUCTION – As I write this expect to see major changes on Reston Parkway and Bowman Green Drive. The front section of the old Park Reston apartments is being demolished to make room for two condominium towers. Tenants were notified to be out by July 15. The back section of the complex was converted to condos and it remains. Construction is underway on the remaining parcel across the park from Midtown – one tower, instead of two, current plans are for it to be luxury rentals.
Jon Querolo can be reached at Beneficial Real Estate, 703-585-4900 or 571-926-9085, www.restonproperties.com