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Sales down in Herndon
While Herndon home sales fell by about one fourth for 2007 as compared to the year before, the slide was sharper in the postal zone with the lower median price. In both of Herndon's areas – 20170 and 20171 – single-family homes tended to fare better than townhouses or condos.
According to Ying-Ying Li at the Tysons Central Office of Long & Foster Realtors, the overall sales decline in Herndon was 27.9 percent. The 20170 area showed a 29.01-percent drop, while sales fell by 21.5 percent in the 20171 portion of Herndon.
In the two zones, respectively, the median sales prices for single-family homes were $490,850 and $610,000. For this category, sales declined by 14.5 and 8.4 percent, to totals of 266 and 282. The median prices decreased by 7.4 percent and 5.4 percent.
The number of days on the market rose by 38 percent in both areas, to 111 for 20170 and 109 for 20171.
The same pattern appeared in townhouse sales. For the 20170 area, with a median price of $339,000, sales slid by 43.5 percent, to a total of 121 units sold. In 20171, the median price was $415,000 and the sales decrease was 26.4 percent, to 159. The median prices had declined by 6.9 percent and 9.8 percent, respectively.
The number of days on the market increased by 56 percent for 20170 but fell by 12 percent in 20171. The totals were 112 and 59, respectively.
When it came to condo sales, the picture was not so clear. Their median sales drop was 44.8 percent in the 20170 area, where the median condo price was $249,900. Here, 53 units were sold. In 20171, with a $335,900 median, condo sales fell more sharply, by 48.2 percent, to a total of 57.
At the same time, the median price for a condo actually increased in the costlier 20171 region, by 1.9 percent. In the 20170 area, the median price represented a 10.3-percent drop.
The number of days on the market rose by only 1 percent for condos in the 20171 area, to a total of 27. In the 20170 zone, however, it jumped by 22 percent, to a total of 93.
For all of Herndon taken together, sales fell by 13.3 percent for single-family homes, 32 percent for townhouses and 53.2 percent for condos.
The number of days on the market tended to rise throughout the community. They went from a 33-percent increase for single-family homes to 22 percent for townhouses and 18 percent for condos, resulting in totals of 104, 82 and 59, respectively.
Herndon thus followed the pattern that has emerged throughout Fairfax County, showing that costlier units are more likely to sell but may take longer to do so.
(Next time: The Year in Burke)
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