Loudoun County Market Statistics
Statistics do not include homes not listed in the multiple listing service. All information should be verified for accuracy.
Loudoun’s Numbers Are Looking Flat
March 16th, 2010 Categories: Market Statistics
For the second month in a row we have seen the amount of homes sold remain low in Loudoun. I have been in the market. There appears to still be a lot of activity. I am still seeing multiple offers on homes. Do you think we should be worried?
There are still a lot of homes under contract… They are simply taking forever to settle. In my opinion, these stats reveal the amount of homes under contract on short sales or new construction. These transactions take a while to settle while a typical transaction only takes 20-45 days.
Check out all of the latest stats and graphs here….
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Is Loudoun Real Estate Slowing Down?
February 17th, 2010 Categories: Market Statistics
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
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When Does The Spring Market Begin?
February 8th, 2010 Categories: Market Statistics, opinion
Everyone considering selling their home has come to believe that the spring market is the best time. So does the spring market begin with warmer weather? If the goal is to sell one’s home when the most buyers are shopping, then we should reconsider when the spring market begins.
Those who wait until March or April to list their homes for sale are actually increasing their competition since most sellers try to list during this time. Check out the last 3 years during the months of March and April if you don’t believe me.
I believe that 2010 will be very similar to 2009 where we won’t see a spring market inventory jump. This years market will be spread out throughout the first half. There are also some real estate issues that could affect the months we see sales in this year like the tax incentives and the increase in mortgage insurance premiums.
Overall, if you aren’t waiting for your kids to get out of school… February could give you the best jump on the spring market. If you are considering selling, check out this video!
charts provided by daar dot org.
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Why Most Homes Will Never Go To Foreclosure
January 18th, 2010 Categories: Market Statistics, Short Sales & Foreclosures
People want to purchase foreclosures. The reason is simply because they believe they will get a great deal compared to buying a regular sale or having to wait for a short sale.
The media leads people to believe that there are a lot of foreclosures available on the market due to the recession. While this may be true in some areas, it is not true in Loudoun County, VA. Out of the 1,122 homes currently on the market in Loudoun County only 48 of them are foreclosures.
This does not mean that there are not people having financial difficulties in Loudoun County. It simply means that people are finding other options such re-financing or short selling their home. There are 183 short sales currently on the market in Loudoun.
People are finding that these options are much better for them than simply walking away from their home. If you are interested in learning more regarding short sales and their effects feel free to contact me!
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Fannie Mae 2010 Market Predictions
December 31st, 2009 Categories: Market Statistics
Earlier this month, Fannie Mae released their predictions for the 2010 housing market. Our trust level with the mortgage giant is a little low due to their troubled year… Nevertheless, their 2009 predictions were not too far off so we will give them a break.
The Skinny
Fannie is predicting double digit home sales and new construction sales in 2010 compared to the 09 slumber. Existing home sales are predicted to rise by 10% next year while only gaining 3.1% nationally this year. New home sales are predicted to rise by 26% compared to a 19% drop in 09.
These numbers are national numbers. In the Northern Virginia market, I can only assume that sales will continue to remain strong as we have seen over the last 6 months. We have already seen an increase in new home sales as existing home sale inventory is at a low. The important principle to remember when hearing national statistics is that real estate is local… We were very fortunate to not hit the lows that many areas hit.
photo credit damoxdotcom
the reference is to the movie back to the future.
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