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Market Update: Leesburg, June 2014

It’s the first week of summer and the end of the spring market. Let’s take a look at how Leesburg’s market fared during our busiest selling season…

The chart above shows the total number homes sold by zip code in Leesburg. May marked the third straight month where volume has been down compared to 2013 with 33 fewer homes sold. There were 213 pending sales at the end of the month, again down over 20% in comparison with last year. We did have a stretch of unseasonably bad weather, however not enough to account for the drop in activity.

Overall in Leesburg prices are up year over year, but that’s due to almost 30 more homes selling in the higher priced 20176 neighborhood. The average price of detached homes there was up 7.5% to $663,513, while townhomes/condos rose slightly to $400,679. Leesburg’s more established neighborhoods in the 20175 zip code recorded a drastic 19.5% drop in detached home prices to $521,026, while attached homes fell moderately to $262,404.

Our final chart shows what happens when inventory is low. Average days on market drops significantly as buyers don’t want to lose out on opportunities. We experienced that with a listing in Sterling earlier this year which sold in 4 days with 3 offers on the table. DOM dropped 34% to 33 days in the 20176 zip code and 35% to 40 days in the 20175 zip code. If you’d like all the stats you can get them here 20175.May2014 20176.May2014.

So what does it all mean for you? We would expect home sales price to climb modestly while days on market stays low. The biggest factor on the market right now is the lack of homes for sale, and we are heading into a traditionally slower month. It will be interesting to see if June’s activity moves the needle up for this year’s overall numbers. Stay tuned.

If you’d like to know what your home is really worth just ask and we’ll send it right over. Thinking about buying a home in LoCo, we can help there too. Check out our post about what to expect when you are buying or reach out to us to discuss your options.

Cheers,
Mike