The data below reflects residential real estate below One Million Dollars in Loudoun County, Virginia for the month of August in 2009:
- 775 properties for sale
- 445 properties under contract
- $394,604 average sales price
- 54 average days on market
At the end of August in the entire county there were only 775 properties for sale. During this month, 445 properties went under contract. The absorption rate for the Loudoun market (that is how long it would take to sell everything for sale at the present rate) tells us that we have 1.75 months worth of inventory, or about a seven week supply of houses. Of the properties sold during August, the average “Days on Market” was 54.
To give a measure of comparison, at the end of November 2008 the absorption rate was five months. Five months compared to seven weeks! Talk about a dramatic turnaround!
Even with the current unemployment rate, I expect this absorption rate and pricing trend to continue in the coming months.
Finally, indicators point to another wave of foreclosures starting to trickle back into the market. However, there probably will not be a large inventory dump of thousands of properties on the market all at once; rather, I think what we will see is a gradual, steady trickle of foreclosure properties coming available. Stay tuned…
Market data, commentary and statistics provided by David Hess, Executive Vice President and Manging Broker.
Search for homes in Loudoun, and all of the DC Metro: www.averyhess.com