Our All Reston 2018 Real Estate Update – the year in review
Happy New Year! Winter 2019 CELEBRATING 52+ YEARS SERVING THE REAL ESTATE NEEDS OF RESTON Greetings! I hope you had a good holiday season and look forward to 2019! Hard to believe we are celebrating our 52nd year selling real estate in the town we love and call home. When my mother, Norma, joined Jeffrey O. Wellborn at Wellborn Properties in the summer of 1967 we never anticipated becoming one of Reston’s oldest, and few still in existence, family businesses. We could not do, what we do, without you. And for that we are most thankful. SALES – 2018 was another good year for Reston home sales. The number of homes sold for the year was up from 2017. 1,312 homes sold in 2018 vs. 1265 in 2017. Breakdown is as follows –264 detached homes (251 last year), 593 townhouses (543 in 2017) and 455 condominiums (471 one year ago). The average ‘days to sell’ was 52 days, down from the average of 63 it took in 2017. The ‘average’ condo sold for $325,200; townhouse for $479,600 and the average for a detached home sold was $725,900. The seller received on average 98% of their asking price with townhouses selling at 99% of asking price. Currently on the market – Wow! In my 40 years of tracking the Reston real estate market I have never seen the inventory at an all time record low. Traditionally, January is a strong month for home sales; this year we will start with lower inventory than last year. If you are planning to sell this year, you may want to go on the market sooner (now) and not later to take advantage of the incredibly low inventory of homes for sale/competition. Currently there are (just) 105 homes for sale in Reston vs. 125 last year at this time – 15 detached homes, 24 townhouses and 66 condos. The average list price is $554,475 up from $510,700 last year – (SFD ALP $771,223; townhouse = $620,846; condominium = $489,820. ALERT: WE NEED LISTINGS…THERE ARE CURRENTLY ONLY 15 DETACHED HOMES AND 24 TOWNHOUSES FOR SALE IN ALL OF RESTON/ACROSS ALL PRICE RANGES – LOW INVENTORY + AFFORDABLE INTEREST RATES + LOTS OF BUYERS LOOKING = A GREAT TIME TO SELL…CALL ME FOR MORE INFO/LET’S CHAT! Interest rates – Home mortgage rates are steady – currently a 30 year fixed is @ 4.375% up from 4% one year ago. With the FED planning to increase interest rates this year, we can expect to see mortgage interest rates trending up. Of note/what people are talking about: Here is the most popular item of interest people have called about or stopped in to ask about during the year…and it’s a repeat from last year unfortunately. Hands down the big topic is the paid parking at Reston Town Center. As I write this, by my unofficial count, over 20 businesses have closed and left since paid parking started. Latest to leave – Williams and Sonoma and the Pottery Barn; restaurants M&S Grill, Busara and Hen Penny. On a positive note Mason’s Famous Lobster Rolls opened in the space vacated by Red Velvet Cupcakery. #2 topic – Wegmans coming to town (Reston Parkway and Sunrise Valley and the Toll Road). #3 the possibility of redevelopment coming to Hidden Creek Country Club. Please Note Affiliation Change: after 25 years as a Broker, Vice President and last five as a working Realtor I have left Long and Foster. Long and Foster informed me in the Spring they were closing our long term offices on Lake Anne Plaza and that was unacceptable. Our...
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Jon Querolo (pronounced: core-elle-o) provides clients with unparalleled real estate knowledge and experience. 