In working with a client getting ready to list a townhome in Ashburn, I was doing my research into the current state of the market. What I found was this:
Garage townhomes in Ashburn, VA under $400,000 currently on market:
80 properties total;
55 active listings and
25 under contract (various stages)
Now, the average market absorption rate for Loudoun County (the number of months it would take the current inventory to be ‘absorbed’, or sold, based on the current number of homes under contract) has hovered in the 10 month range for the last six months.
For this specific segment of the market, we are looking at a 2.25 month absorption rate. Hmmm. My most recent observations of my office include: phones ringing more, websites getting more hits, emails from new buyers and new sellers increasing; several agents, myself included, have witnessed multiple offer situations on various properties in the last few weeks. The contracts are where the rubber meets the road in terms of whether we are actually seeing activity. At least for this portion of the market, we are! Only time (and numbers) will tell if this keeps up.
I will spend some time looking at other pockets of the market to see if this upswing in contracts is occuring in other places or price points. (If we get snow tomorrow, I may have more time to work on that!) Perhaps this is the beginning of a stronger spring market?