The Leesburg Market continues into the second year of strong growth, following a huge drop in average sales price influenced by the distressed sales of foreclosures and short sales. While the overall year-over-year increase in sales price is minimal, there was an unexplained drop in average sales price in 20175, but the average sales price in 20176 went up 5% to $511,000.
|July 2012||July 2013||% change|
|Avg. Sales Price||$466,440||$474,361||2%|
|Total Unit Sales||117||153||20%|
Northern Virginia continues to enjoy the lowest inventory in the past 5 years. Even though interest rates have moved up slightly above the historic lows we enjoyed, they appear to have stabilized. Northern Virginia continues to post one of the lowest unemployment rates of any major market in the country. I expect the trend of low inventory coupled by huge demand will continue through the 3rd quarter and into the 4th.
Now is the time to sell and move up or downsize. Whatever your motivation, be sure you interview at least 2 qualified Realtors. When considering Realtors, be sure to compare their individual accomplishments as well as those of their Company. Avery Hess would appreciate being included in this process!
Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by:
Avery Hess, Realtors, Dulles Regional Office
5875 Trinity Parkway, Suite 120, Centreville, VA 20120