After being overly stimulated by government interference into the real estate market via the various tax credits, the market is returning to a normal balance of supply and demand and normal negotiations between buyers and sellers.
The figures below reflect the Leesburg, Virginia market during the month of May 2010.
- Homes for sale: 618 (down from 646 last month, and down from 643 one year ago)
- Homes sold: 91 (down from the tax credit induced frenzy of 108 last month)
- Average sold price: $417,479 (down just a smidge from $420,963 last month but still up from $385,551 same time last year.)
- Average days on market: 59 (up from 55 last month and way down from 113 one year ago.)
Increasing consumer confidence combined with historically low interest rates have combined to help make it fun to trade up to a larger house again. Homeowners with equity are finding good demand for their homes and are happy with the supply of higher priced houses they have to choose from. Prices in Leesburg reflect this new healthy and stable market.
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com