2009 Year End Update

Trends in Housing, a joint publication of MRIS and Delta Associates, provides an in-depth look at the statistics and issues that shape the Mid-Atlantic housing market. Following are highlights of market activity at Year-End 2009:

• Prices are showing signs of a moderate recovery: 4^th quarter prices in the metro are up from the same quarter in 2008, with the Outer jurisdictions outperforming the Core and Inner jurisdictions. Prices will likely gain traction in 2010, as buyer and seller expectations continue to move closer to a balance, facilitating an increase in transaction volume. This is the first time prices have risen on a trailing 12-month basis since the 4^th quarter of 2007.
• Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) have experienced the sharpest decline, but across the region, time on market is at or below the region’s long-term average.
• The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio of 5.3 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
• The gap between buyer and seller demands is closing with the average sales price in the 4^th quarter of 2009 at 93.7% of list price, the highest share in more than two years.

Sleepy Oaks - a new subdivision of luxury mountain retreat homes

Sleepy Oaks is a new subdivision of luxury mountain retreat homes located in Berkeley Springs, West Virginia - a quaint little town with a lot to offer - peace, tranquility and an escape from the pressures of the city. Because it is only two hours from Washington D.C., Northern Virginia and Baltimore, many metropolitan residents have chosen to settle here or spend their weekends in the area. Local attractions include luxurious spas, art galleries, shopping, fine dining, state parks, golf, rivers and lakes. Sleepy Oaks is located approximately 15 minutes from historic Berkeley Springs and less than 15 minutes from Cacapon State Park. The Park features an 18-hole Robert Trent Jones Championship golf course, horseback riding, fishing, swimming, skeet shooting, hiking trails, tennis courts, lodge and restaurant. Plans for the near future include an expanded lodge, a day spa, indoor pool and gym.

This classic mountain retreat community is being developed on a 30-acre tract of land located next to Sleepy Creek Mountain State Park. This is one of six wooded estate lots, with plenty of privacy and breathtaking views. The south branch of Sleepy Creek runs through the property. Moderate to large homes featuring logs, stone, cedar siding, plenty of windows and large decks will blend in with the natural setting of the community. A beautiful log home on Lot 1, built by Mount Tabor Builders, is under construction and available for sale.

Sleepy Oaks is located on a private cul-de-sac lane and offers underground utilities and reasonable covenants to protect your investment. Mt. Tabor Builders will work with you to build your custom dream home – or bring your own plans.