Are you thinking about selling this spring? Or do you just want to make sure that your new property tax assessment matches up with market value? This should help: here’s the data for single family homes in Loudoun. If you want information targeted directly to your home and neighborhood, click here to schedule a consultation or sign up for an emailed market report.

All charts show data for single family homes:

Sterling Single Family Homes

Ashburn Single Family Homes

Leesburg Single Family Homes

Purcellville Single Family Homes

Cheers,
Heather

I’ve been reading a number of articles in the last few weeks saying the 2012 real estate market is ready for a rebound and thought it was worth a look. Although the LoCo market has not been as adversely affected as others, the numbers do suggest things are on the upswing. Compared to last December, median prices are up 7% on single family homes and 23% on condos/townhomes! As of this post, there are 951 active listings (excluding new construction) in Loudoun County and 332 homes have gone under contract in the last 30 days. That equates to 2.9 months of inventory at the current sales pace. We also see average days on market is about two weeks less than this time last year. These statistics lend credence to what we are hearing from national outlets, but the most important question is what does this mean to you. Click here to send us your question and we can help with the answer.

Cheers,
Mike

We haven’t taken a look at Sterling in 6 months so it was time to check in. While the market here seems to be a bit more volatile than the rest of the county, there is a trend worth mentioning. In 2010 and 2011 the highest median price for single family and condo/ town homes occurs in the August September time frame. In addition, over the last two years Sterling home owners have seen a 33% increase in the median sales price. That is a remarkable gain! Average days on market are on the incline again for single family homes, showing a 30% increase over this time last year . Condo and town home days on market are even with a year ago, but down 10% since the spring. Inventory levels for single family homes are up about 20% since the early spring, while condo and town home volume remains the same.

Need more information or have questions for us? Drop us an email or catch us on Twitter @LoCoHeather & @LoCoCowboy.

Cheers,
Mike

It’s been a while since we have looked at Western LoCo and things appear to be holding steady over the last year. The median price of a single family home in Round Hill has jumped 10% in the last six months, while Hamilton, Purcellville, & Lovettsville have leveled off a bit.

Lovettsville has made a nice recovery in the last six months spending 30% less time on market. Although the prices have gone up in Round Hill it is taking about two weeks longer in the same time frame to get the higher dollar. Hamilton and  Purcellville seem to be creeping up as we are now officially into fall.

Inventory levels  seem to have leveled off everywhere during the last three months.

Questions? Give us a buzz if you have any or would just like to discuss your future plans. We are always glad to help!

Cheers,
Mike

A year ago we took a look at the median price per square foot for Loudoun County. At that time the price per square foot was $160, and as we see below the price of owning one square foot in LoCo has jumped to $190. It bears mentioning you must always factor in age, updates, amenities and of course location when considering what this may mean for your specific home. 

A year ago, Sterling led the way at $165 per square foot, and has since increased by $2 but fallen to the bottom of the chart this year. Ashburn tops the chart this fall going from $159 to $196, followed by Leesburg jumping up from $149 to $189, and Purcellville from $153 to $180. These figures seem to make sense when you consider the reduced number of short sales and foreclosures over the past year.

Interested in what this means for you? Contact us and we would be happy to help you assess your needs and develop a plan of action.

Cheers,
Mike

Ashburn continues to lead LoCo in median price for single family homes, despite dropping 5% in the last two months. Combined condo and townhome values are up 3% over the same span, bringing them to a two year high.

Inventory, which had been on the rise for the last 12 months, seems to be leveling off.

Considering that the inventory has doubled, days on market for single family homes equaling last September is a good sign. Condos and townhomes are taking a little longer to sell, but median sales price has increased.

Curious about how this affects the value of your home, contact us.

Cheers,
Mike

If only all financial data were trending this way! As you can see from the chart below, the median price for single family homes in Loudoun has increased nearly 10% since the beginning of the year.

We see the upward trend continue with condominiums and townhomes, where median price has increased 14% in the last 6 months.

A good sign for our local economy, but what does it mean for you? Higher home sales price equates to higher appraisals and potentially more equity. Might be a good time to consider moving up! If you would like more information relevant to your specific property,  contact us at team@locomusings.com.

Cheers,
Mike

The new school year is almost upon us in Loudoun, and the real estate market slows down accordingly…here’s the latest data for both Leesburg zip codes combined:

Inventory continues to creep up, and median price is holding steady. Days on market, which had fallen steadily since April, appears to be inching back up a bit. I expect that will rise a bit if inventory continues to go up; this isn’t historically a busy period of the year for contracts.

Cheers,
Heather

The weather’s hot, and so is the real estate market in Loudoun County, especially in the under $400,000 price range….Even though inventory has risen (thankfully, it was low), median price is steady and days on market has dropped. I’ve been unseasonably busy the last few weeks, and the data matches up.  Days on market is lower because the homes are going under contract more quickly, as buyer demand has been steady. Median price is even up a bit for all home types since April. Questions? Just ask!

Cheers,
Heather

Back in December, I took a look at how much of our active real estate market in Loudoun County was made up of ‘distressed’ listings, meaning short sales and foreclosures. If you aren’t sure what the difference is between a short sale and a foreclosure, hop over here to read this post first. At the time, 74% of all active homes for sale in the county were ‘normal’, typical listings, where you would negotiate with the seller, who was a real live person, without any involvement from a bank or lender. Distressed properties made up 26% of the market. Flash forward six months, and I figured it was time to look again to see if the market had shifted since the end of the year.

And oh my, the market certainly has shifted.

Looking at active listings today for Loudoun, we have 1326 homes for sale. Of those, 142 are short sales, and 40 are foreclosures. Which means only 13.7% of our market is now ‘distressed’. That’s HALF of what it was in December. Foreclosures make up a paltry 3% of our current market. So for those of you who wanted to buy a killer deal, those are few and far between at this point. Having showed (and written offers on) more than a few of those types of homes, I can promise you that you will be competing with numerous other buyers who want to do the same thing.

Are we through the worst of the distressed market here in Loudoun? It certainly seems so. I’m sure we still have more short sales to work our way through, as there will be some folks who bought at the height of the market who will need to sell before prices rebound all the way. Clearly the foreclosure market has slowed to a trickle for now. So if you are currently a buyer in Loudoun, you can expect that you will be dealing with a typical owner sale…meaning clear expectations for how quickly you should get a response to an offer, not having to buy in as-is condition, and being able to have a home inspection for more than just informational purposes. All around, not a bad thing.

As always, if you have questions, want to talk market data or strategy, please reach out to me.

Here’s a map that will lead you to all the homes for sale in Loudoun now:

Cheers,
Heather