Slow Rising Tide in LoCo
A month ago we wrote about how few listings there were on the market, 660 non new construction homes to be exact. Here we are one month later and we’ve only climbed to 835 on the multiple listing service.
How did we get there? 680 homes have been listed since February 26, with 251 of those currently under contract or already sold. That’s 37% on the market less than 28 days, pretty impressive. An additional 254 homes listed prior to February 26 have either sold or are under contract now, bring the net total to 835.
Leesburg leads the way in the number of active listings with 220, 36 each in Lansdowne and River Creek. Ashburn follows with 179 active listings, 34 in Belmont Country Club and 32 in Brambleton, followed by Sterling with 114 (12 in Potomac Lakes). The remaining 320 homes for sale are scattered throughout LoCo, with South Riding‘s 37 topping all neighborhoods.
With LoCo’s average sales price of $461,072 last year, you might expect the the $400,000 to $499,999 price range to have the largest selection of homes available, but that’s not the case. Although it is a close second with 125 listings, the $300,000 to $399,999 price point has more to offer with 148. Interestingly there are more homes on the market over a million dollars (104) than there are under $299,999 (91).
Lots of data but what does it mean? Folks looking to sell a home this spring are starting off in the driver’s seat. Homes that have been updated and are priced appropriately are going very quickly. We’ve seen lots of neighborhoods where prices have steadily climbed to 7 year highs. If you are thinking of selling your home and want to know what it’s worth we’d be glad to help. Just a couple quick questions and you will have your home value report in under an hour.
The good news for buyers is most homes are selling at the listing price. The bad news is so far this spring we are seeing lots of competitive situations. It’s not always about the highest offer. Your down payment, strength of your financing and closing date are all factors. The biggest key is being flexible and having an agent who can guide you through the process. If you are considering making a move and have questions, we’d be happy to help. Drop us a note or give me a call at (571) 233-5495.
Here’s hoping this is winter’s last stand, it’s time to get outside!
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About our blog
Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.