If you’ve been reading the posts here for the last couple of months, you’ve heard me repeat over and over that we do not have a lot of available homes for sale on the market here in Loudoun. Given that we are now in the first week of March, we should be hearing the stampede of listings approaching in the distance like a thundering herd of buffalo…
The listings have been coming on market, sure: in the last 30 days (from this morning) there have been 536 new resale (non-new construction) listings available in Loudoun. A full 31% of those have already gone under contract or sold. Yes, you read that right. Nearly a third of the homes that went on market in the last month have already found buyers. That’s across the whole county, all home styles and prices. There are pockets of the market moving faster.
As of this morning, here’s the number of active homes for sale in the multiple listing service, not including new construction:
- All of Loudoun County: 940
- Sterling: 110
- Ashburn: 155
- Leesburg: 283
Based on the number of homes that have gone under contract in each of those areas in the last 30 days, here’s the current absorption rate:
- Loudoun County: 2.16 months of inventory
- Sterling: 0.87 months of inventory
- Ashburn: 1.57 months of inventory
- Leesburg: 2.62 months of inventory
That’s a seller’s market, folks. Anything under three months of inventory is a seller’s market. Now, with listings pouring onto the market every day now that may change. It’s possible that the listings that have come on market in the last month have just slaked the thirst of the buyers that were waiting for them to come available. I’m not convinced, though. I’m hearing from lots of my peers that they have buyers still struggling to find a home. This spring market is going to be different from last year; if this is your year to make a move (into this market, over to a different home, or out of the area) you should pay close attention.
Are you a homeowner? Click here to find out what the market is doing in your neighborhood. Thinking of buying? Search for homes here. Or, please call or email me. I’m happy to help. It’s what I’m here for.