Is Loudoun Real Estate Slowing Down?
Just when it looks like the train is headed back up the hill… January hits and we are seeing numbers that we haven’t seen in a while. Loudoun’s days on market have increased, sales are a down a bit, and we begin to question if we have been over optimistic.
These stats show a around 40% drop in home sales from December of 2009 to January of 2010!
What Does This Mean?
Truthfully, I am not sure that it means anything at this time. There are more homes under contract this January than there were in December meaning there are going to be homes selling soon. In other words, I think we are simply looking at the normal market trends we see every year around this time. From December 2008 to January 2009 we saw around a 27% drop.
Therefore, unless this trend continues for the next few months don’t freak out! You can’t judge numbers over a month to month basis. You need a larger span of time. It will be interesting to see what happens as the tax credits expire and mortgage insurance premiums increase over the next couple months…
CLICK To See All Of This Months Market Stat Updates
Leave a Reply
Featured Areas
I think some the drop off is due to inventory… Even the condos are getting tight!
Chuck
Hey Chuck.. Thanks for the comment. I considered that also. What makes me feel that this is not an inventory issue is that we have had around the same inventory levels for the last couple of months. We definetly haven’t seen a 40% drop in inventory. Nevertheless, I cannot agree with you more that the market it tight!
great…. i hope to read like more updates from you in this matter….