School is about to start in LoCo, which typically brings a two week reprieve before the fall market kicks in. It’s a good time to look back at sales over the last couple of months and see how things compare to the previous year. Today, I’m starting with Ashburn as it seems I’ve spent most of my year selling there.
The first thing to jump out at me were the lack of distressed sales (short sales, bank owned properties, and foreclosures). Since the end of June only 3.6% (12 out of 338) of sales have been distressed properties, compared to 16% (53 out of 331) during the same period in 2012. Despite the increase in interest rates, 178 single family homes have sold marking a 5% jump from last July/August. List prices have remained steady with an average of $580,014, while average days on market has dropped from 69 to 30. The market for townhomes has been very hot, with average list price increasing 4.8% to $387,444 and days on market decreasing from 42 to 23.
So what does all this mean for you? Overall, sellers in this neighborhood can expect faster sales for more more money than last year. Buyers need to be prepared to act fast. If a home you like comes on the market, don’t wait until the weekend to take a look as it may be gone by then.
If you are considering making a move, the first step is finding out what your home is worth. It’s simple, register for our home value report and we will quickly deliver it to your inbox! (Live outside of Ashburn, but still curious about home values? That’s fine, you can register, too.) If you are thinking about buying in Ashburn, we can help with that as well; sign up here to receive all the new listings in this neighborhood.