Finally, sunshine and warm weather in Loudoun County…which leads to blooming forsythia bushes, short sleeved shirts, youth sports, and tons of buyers driving around visiting open houses. Want to know how much is there to pick from in homes for sale? Here’s the latest on inventory numbers across Loudoun County:
The top line is single family homes, the bottom is condos and townhomes. We are starting to see a rise in inventory, which means more homes to choose from, but I’m guessing these trend lines will get measurably higher in the next few weeks.
If you would like to see town specific stats, visit Leesburg Market Stats, Ashburn Market Stats, or Western LoCo Stats for more information. (Or just ask me, it’s what I’m here for.) <smile>
Cheers,
Heather
Tags: inventory
One of the statistics I rarely look at is price per square foot, because it is typically the most stable in the short term. Going into the spring market, I thought it would be helpful to look at where the median price per square foot is for different towns in Loudoun County. Remember that ‘condo’ really means ‘condo and townhomes.’
For the whole county, you can see the slide downward as the median price dropped across the county from 2007 through 2009. From the beginning of 2009 to now, it’s stabilized to within $5 a square foot, looking at single family homes or condos/townhomes.
Sterling is trending slightly below the Loudoun average for condos and townhomes, but in line with the rest of the county for single family homes. There is definitely a bigger disparity between home types here than on a county-wide level.
In Ashburn, there is no discernable difference in price per square foot between home types. Expect to spend around $160 a square foot, no matter what you are purchasing. Therefore, condos and townhomes are more expensive in Ashburn than in Sterling when you are looking at cost per square foot.
Leesburg is like Ashburn, because right now the cost per square foot is the same across all home types; however it’s about $10 less per square foot than in Ashburn. So you can afford a bit more home for your money, but your commute time is slightly longer as you head East.
In Hamilton, you can basically disregard the stats for condos and townhomes, as there are so few that it makes it statistically irrelevant. Single family homes are averaging about the same as Leesburg, but have not seen the huge rise and fall that the rest of the county saw between 2007 and 2009.
Single family homes in Purcellville are trending as high as the county average for dollars per square foot, refuting the theory of saving money by living further out. (Although in actuality, with the low number of homes on the market right now, it could be that what is available in Purcellville right now is in better shape, or newer, than what is on the market in the Eastern part of the county. Sometimes statistics don’t make sense to me, and this is one of those times.)
As expected, Round Hill is the least expensive as the most outlying town in the county, with the single family home price per square foot coming in about $20 a square foot less than the county average, and condos/townhomes about $25 a square foot less.
If you would like to see statistics specific to your neighborhood, or the neighborhoods you are interested in, just hit the Ask Heather button and let me know what you are looking for.
Cheers,
Heather
Tags: price per square foot
Breaking down median price statistics by zip code in Sterling shows us that depending on where in Sterling you live, your median price trends can be very different from your neighbors across town. Look at this:
Single Family Homes
Look at the dramatic difference between the 20164 zip code and the others! That zip encompasses Sterling Park and Sugarland Run, two neighborhoods that were arguably the hardest hit in Loudoun for foreclosures and short sales. We are finally seeing some price recuperation there, with median price rising there as it dropped in the other two zip codes.
Condos and Townhomes
For the condo/townhome market, we see similar patterns in all three zip codes, with prices dropping slightly and then appearing to stabilize over the winter. If you look at the median price and not the pattern, though, you will see that a townhome or condo in 20164 is worth significantly less than in the rest of Sterling.
If you want information specific to your neighborhood, just ask me and I’m happy to provide it. Or you can sign up to get a bi-weekly (spam free) market report that is tailored to your neighborhood and home type.
Cheers,
Heather
Tags: median price, Sterling
We haven’t looked at stats tables for Ashburn in a while, so let’s see what happened with the market there last week while we had a whole bunch of snow on the ground:
|
90-day stats for Single Family properties in ASHBURN, VA as of March 5, 2010 | |||
|---|---|---|---|
| Median List Price | $596,208 | Average List Price | $639,528 |
| Total Inventory | 186 | Price per Square Foot | $160 |
| Average Home Size | 3,736 | Median Lot Size | 10,413 |
| Average # Beds | 4.31 | Average # Baths | 4.27 |
| Homes Absorbed | 10 | Newly Listed | 11 |
| Days on Market | 201 | Average Age | 7 |
|
90-day stats for Condo properties in ASHBURN, VA as of March 5, 2010 | |||
|---|---|---|---|
| Median List Price | $300,965 | Average List Price | $301,026 |
| Total Inventory | 210 | Price per Square Foot | $160 |
| Average Home Size | 1,809 | Median Lot Size | n/a |
| Average # Beds | 2.89 | Average # Baths | 3.17 |
| Homes Absorbed | 15 | Newly Listed | 17 |
| Days on Market | 147 | Average Age | 10 |
Interesting..look at the “homes absorbed” versus “homes listed” numbers for both single family homes and condo/townhomes….when they match like that, it means that homes are selling as quickly as they hit the market. The average days on market still feels high to me when we are seeing that kind of market activity, I attribute it to the short sales that skew the data. If there was a way to separate out “traditional” sales (not a foreclosure or short sale) I bet we would find very short days on market, bordering on seller’s market, because of the low amount of inventory available.
Want market data specific to your neighborhood and home type? Try out the What’s My Home Worth function to get a customized report. (It’s great, has up to date info, clickable listing information and maps on active, under contract, and sold listings.)
Cheers,
Heather
Tags: Ashburn, statistics table
It may not feel like it outside, but the spring real estate market in Loudoun County is now starting! (As soon as we can dig our way out to start showing houses again, anyway…) Here’s a birds-eye view of stats for the entire county, as of February 5. You can click on over to my city level stats sites for more localized data; they are listed in the sidebar on the right.
As always, if you have questions or want more specific information, please reach out to me, I’m happy to help!
Cheers,
Heather
Tags: days on market, inventory, median price, price per square foot
Most of the time here, I take a city-wide or county-wide look at market statistics, which is great if you are looking for a general idea of what the market is doing in your area. However, when you are trying to get a specific idea of your home’s market value (or the market price of a home you are considering purchasing) you need to look a little closer, as pricing can vary wildly by zip code, or even neighborhood. Case in point, median price for single family homes in Leesburg:
Let’s look specifically at the May 1 to September 1 time span, which in 20176 corresponded to a slight rise but overall gain of about $3000. During that same span in 20175, median price jumped up from $555,000 to roughly $602,000…slight difference, huh? And since then, an even bigger difference, as 20176 plummeted to around $590,000 while 20175 saw volatility before inching up to around $595,000. See why it’s so important to look more closely? I can’t break these charts down on the neighborhood level here (although I’m happy to run those numbers for you individually, by request) but I’d venture to say that on that level, we’d see a variety of trends too.
If you would like me to give you specifics about your neighborhood and house type (whether you are in Leesburg or anywhere else in Northern Virginia) just click on the What’s My Home Worth? button or email me at heather@LoCoMusings.com .
Cheers,
Heather
Tags: Leesburg, median price, single family homes
Sterling Single Family Homes
For single family homes, median price started to climb the beginning of December, and is just about recovered to where it was in August. (Although the winter decline was only about $10,000.) Inventory continues to drop while days on market appears to climb~~I still maintain that the short sales are clouding the days on market statistics by remaining active, in many cases, while lenders consider situations and market value.
Sterling Condos and Townhomes
Townhomes and condos have been fairly price stable in Sterling, as the median price has swung only $10,000 since Aug. 09. Meanwhile, inventory and days on market is mirroring the single family homes segment; there is little to choose from at the moment while days on market increases slightly. Inventory right now is actually less than half of what it was at it’s peak in 2008.
I’m already seeing signs of the beginning of the spring market…lots of buyer activity, multiple offers on listings, increased website traffic to home search pages. If you are thinking about buying or selling this spring, now is a great time to reach out for more information and guidance so you can make educated decisions going forward. I’m here to help, so please reach out.
Cheers,
Heather
Tags: days on market, inventory, median price, Sterling
So we’ve turned another year in our never-boring real estate market here in Loudoun County. It has certainly earned it’s “LoCo” nickname. Going into last year, I was cautiously optimistic about the spring market, and whether the market would stabilize here, at least in terms of prices. Looking at the year ending stats below, it looks like the market is a lot less volatile. While we are not selling nearly the volume of homes across the county that we did in 2004-2006, we are now seeing mostly stable prices, and very low inventory. What this means for you, if you are planning to sell this spring, you can likely make it happen in a reasonable period of time, and still find a decent deal on a move-up, or downsized home. If you are looking to buy, there are not as many properties to pick from, but there are still some deals to be had on foreclosure properties or, if you have the patience and flexibility, short sales.
I’ve broken these up by home time, all single family properties first, followed by the combined condo/townhome market. All charts reflect the full Loudoun County market.
My thoughts…
- Median Price: for single family homes started the year just under $550,000 and ended the year at $540,000. This is not a huge swing and to me that shows stability. Same goes for condos/townhomes, ended the year right about where it started.
- Inventory: way down across all parts of the market. Not as many to pick from as lots of buyers jumped off the fence this year to take advantage of the tax credit, while folks that didn’t have to sell stayed put with a wait and see attitude.
- Days on Market: the charts are a little deceiving, those huge jumps up really only show a less than 20 day swing; single family homes ended the year taking on average a week longer to sell, and condos/townhomes just five days more.
Single Family Homes
Condominiums and Townhomes
If you are thinking about making a move this spring, now is an excellent time to take a look at market value and market activity. I’m available to help you calculate the market value of your home, or to help craft a purchase strategy. Feel free to call, text, email, use the chat feature above, or hit the Ask Heather button. It’s what I do. (smile)
Cheers,
Heather
Tags: days on market, inventory, Loudoun County, median price
Single Family Homes in Purcellville
Condos/Townhomes in Purcellville
Single Family Homes in Round Hill
Condos/Townhomes in Round Hill
Last week we took a look at the market on the Eastern side of Loudoun County, in Sterling, and found that pricing there was mostly stable over the last six months, while inventory had dropped. Now, let’s look at the westernmost part of the county, and see how it compares. (Trends typically start in Sterling and then ripple west through LoCo.)
I’ve included the charts for townhomes in Purcellville and Round Hill, but only to show that there is not enough market activity to be statistically significant. There are only 8 on the market in Purcellville, and 3 in Round Hill, so any special situation on any one listing (short sale, foreclosure, etc) can cause a huge swing in numbers. So those numbers are just there for your viewing pleasure. (smile)
For single family homes in both towns, we have seen a drop in inventory in the last six months, similar to what has happened in Sterling, if not as dramatic. Median price for Purcellville has dropped slightly, but has stayed mostly stable in Round Hill (the weekly up and down swings there is because of the low number of homes on the market and the wide swing in home prices, but the overall median price line has remained right around $500,000). Average days on market is up slightly in Purcellville and down slightly in Round Hill.
Concerned about what this means for your home’s value? Or wondering how it might affect your home buying strategy? Just ask. Or call or text me at 571-233-5491, it’s what I’m here for.
Cheers,
Heather
Tags: days on market, inventory, median price, Purcellville, Round Hill
Sterling Single Family Homes
Sterling Condos and Townhomes
The Eastern part of Loudoun County always sets the pace for the Western part to catch up with, like a ripple when you drop a pebble in a pond; sometimes Ashburn and Leesburg begin to mirror Sterling quickly, other times it takes a bit to catch up. Right now in Sterling, we can see that after some ups and downs, median single family home prices for all zip codes in Sterling is virtually unchanged from six months ago. At the same time, average days on market is up a touch, but inventory is way down. (That leads me to believe that remaining inventory is mostly short sales, which take much longer to sell and tend to drive the days on market numbers up.
The combined condo/townhome market for Sterling is very similar. Median price has jumped up and fallen down in the last six months, but the biggest swing was only $19,000, and it is currently just slightly more that where it was in May. Meanwhile, days on market has crept upwards and inventory has continued to drop.
I’m sure with the continuation of the homebuyer tax credit for the next few months, there will continue to be demand in the market here, and the downward pressure on inventory will continue. Personally, I’m interested to see what the tax credit-driven demand will do to the spring market, and whether that will cause it to start earlier (late January, early February?) not unlike how early in the spring the market blossomed in 2004 and 2005 when sales volume was so high.
Have a question about the market in a particular zip code or neighborhood? Want to know what your house is worth? Just hit the Ask Heather button and I’m happy to get right back to you with the answers to your questions. You can also call me or text me at 571-233-5491. I’ll be eating Turkey and watching football tomorrow, but outside of that I will get back to you right away.. (smile)…
Happy Thanksgiving!
Heather
Tags: days on market, inventory, median price, Sterling
