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. The overall year over year increase in sales price is up 14%, outpacing Loudoun County at 6%. Closed units remain strong at 11% year over year outpacing Loudoun County which remained steady.
|October 2012||October 2013||% change|
|Avg. Sales Price||$388,708||$444,381||14%|
|Total Unit Sales||92||104||11%|
Northern Virginia continues to enjoy the low inventories, even though interest rates have moved up slightly above the historic lows we enjoyed, they appear to have stabilized. Northern Virginia continues post one of the lowest unemployment rates of any major market in the country at 4.3%. I expect the trend of low inventory coupled by huge demand continue through the end of the year and into 2014, and sales growth to continue.
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 Jim Agnew, Managing Broker, Avery Hess, Realtors, Dulles Regional Office – 5875 Trinity Parkway, Suite 120, Centreville, VA 20120. Phone number: 703-856-8989.