Our All Reston Real Estate 2017 update – the year in review

Posted by on Jan 15, 2018 in Reston Real Estate Report

Our All Reston Real Estate 2017 update – the year in review

Greetings!  I hope you had a good holiday season and look forward to 2018!

2017 marked the 50th anniversary of us serving the real estate needs of the Reston community.  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 touched and thankful.

As we start 2018 we want you to know we are always here to serve you.  We are proud to be now selling homes to a third generation, the grandchildren of some of our original clients.

As we say day after day, year after year, for all of your real estate needs, call The Reston Experts!  Buying, selling, investing, questions, concerns or problems or simply a referral of a vendor or handyman we welcome your calls and emails.

SALES – 2017 was another good year for home sales. The number of homes sold for the year was unchanged/same as 2016.  1,279 homes sold in 2017 vs 1278 in 2016.  Breakdown is as follows – 251 detached homes (272 last year), 543 townhouses (vs. 529 in 2016) and 485 condominiums (vs. 477 one year ago).  The average ‘days to sell’ was 34 days down from the average of 43 it took in 2016.  The ‘average’ condo sold for $311,200; townhouse for $454,600 and the average for a detached home sold was $704,900.

Currently on the market – Wow!  While traditionally, January is a strong month for home sales; this year we will start with much 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) 121 homes for sale in Reston vs. 163 last year at this time – 13 (29 a year ago) detached homes, 31 townhouses (44 one year ago) and 77 condos (vs. 93 last year this time).  The average list price is $510, 700 up from $492,060 last year (SFD average list price (ALP) $831,800; townhouse ALP $596,500; condominium ALP $419,900.

ALERT: THERE ARE CURRENTLY ONLY 17 DETACHED HOMES AND 31 TOWNHOUSES FOR SALE IN ALL OF RESTON – NOW IS A GREAT TIME TO SELL – CALL ME FOR MORE INFO/LET’S CHAT!

Interest rates – Home mortgage rates are steady – currently 30 year fixed is @ 4%.  With the FED planning three interest rates this year, we can expect to see mortgage interest rates trending up.  And, how about that stock market…closing over 25,000 for the first time ever!

Meet the neighbors:  We love our location on Lake Anne Plaza and have some fabulous corporate neighbors.  One of the best is Just Cats Clinic.  Just Cats Clinic is a feline exclusive full service veterinary clinic offering top notch feline care including preventative exams and vaccines, a full range of diagnostics, dentistry, surgery, laser therapy, acupuncture, and even luxury boarding.  They are proud to be accredited by the American Animal Hospital Association and to be a Gold Standard Cat Friendly Practice from the American Association of Feline Practitioners!

Of note/what people talking about:  Here is the most popular item of interest people have called about or stopped in to ask about during the year.  (I use to have my three most popular topics in years past but hands down the big topic is the paid parking at Reston Town Center).  As I write this, M and S Grill has closed, Neyla (in the old Paolo’s space/same ownership) has closed as did (sadly) one of the most popular, long term (original) tenants Appalachian Spring.   Appalachian Spring was one of the few family owned businesses at the town center and offered unique and many times locally produced gifts…a real loss in my opinion.

Boston Properties has modified the paid parking hours.  It is very confusing but my understanding is now – free after 5 plus the first hour is free during the week.  So, if you planned it correctly you could go for dinner or a movie at 4, use 4 to 5 as your free hour and rest of the time would be free.  Unfortunately, parking is never free on the curb – only is free in the garages – and this seems to be the kicker continuing to hurt the retailers (like Appalachian Spring) where you just want to park close and run in for a quick purchase.   I do not anticipate BP canceling the ‘pay to play’ parking at Reston Town Center.   Still many locals simply refusing to download the pesky APP to use the parking system.

Thoughts – If you are thinking of selling, now is the time to be getting ready.  Call me and I will come meet with you…we can chat about the market, any necessary repairs you may need, timing, etc.

As always, thank you for your calls, questions and referring your family and friends to us.  I am never too busy to answer a call or email.

JON

 


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