Wow, what a difference a year makes. When we last visited the Leesburg market it was just beginning to come out of the foreclosure/short sale market. We now see that there was a strong market during the 4th quarter of 2012. Average sales price is up 10.5% over a year ago, total sales are up 20% and pending sales are up 11%.
Avg. Sales Price
Total Unit sales
Northern Virginia is enjoying the lowest inventory in the past 5 years, coupled with the continuance of the historic lowest interest rates and lowest unemployment of any major
Moving into 2012, we see a slight rebound from the very poor 4th quarter of 2011. Pending sales have recovered nicely since the low in September, which indicates that sales volume will increase in next 45-60 days.
Ending the 3rd Quarter, the Leesburg Market has seen a resurgence of the average sales price, up nearly 16% over September of last year. 2010 saw this market hit extremely hard with foreclosures.
Our Northern Virginia Market continues to show a steady increase in the average sale price. And with the exception of a few isolated markets, the average sales price continues to increase year over year.
I have been writing these market reports every week for different cities in Northern Virginia and I have watched the prices rise steadily from November/December 2008 through some time this past summer or fall. Now it appears that prices seem to have softened up again. It reminds me of when I first started buying stocks.
One year ago the sales were influenced by the First Time Homebuyer Tax Credit. This year’s numbers are without benefit of a tax credit. Proof that buyers do not need stimulus from the government to know a good value when they see it and here in Leesburg it can’t be missed!
In recent years, Virginia has earned a burgeoning reputation as one of the nation’s best wine producing states. While the Old Dominion is not considered the equal of California or the Pacific Northwest, it’s held in high regard, and two of the state’s finer vineyards lay just an easy jaunt to the west.
Leesburg is a very stable real estate market. Check out the stats below and see for yourself.
The figures below reflect the Leesburg, Virginia market during the month of June 2010.
The real estate market is getting stronger everywhere in the DC Metro area as stable employment, low interest rates and good consumer confidence leads to a trifecta of positives for the market. Time to buy a house? If so, check out Leesburg, Virginia. Why? See the stats below and make your own decision.
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.