Ashburn Market Update, November 2008

We just looked at Leesburg‘s real estate market numbers, based on the data in the multiple listing service (MLS)…now, let’s look at Ashburn. For single family homes, taking out the generic builder listings, there were 140 homes available on the market, ranging in price from a 78 year old farmhouse on Waxpool Road for $299,000 up to a $1,590,000 Belmont Country Club luxury home.

There were only 18 single family homes that went under contract in Ashburn in the last 30 days, which gives us an absorption rate of 7.8 months (the amount of time, in months, that it would take for the current inventory to sell, at the rate at which homes are going under contract.) If you recall from the post on Leesburg’s numbers, the absorption rate on single family homes there was 11.8 months. So, better in Ashburn, which has the shorter commute time. The list price of homes under contract ranged from $324,900 to $999,900.

For townhomes in Ashburn, again, removing the generic builder listings, there were 125 townhomes available on the market.  The prices ranged from $199,900 for a condo ownership garage townhome in Parkside at Ashburn, up to $544,888 for a carriage home style townhome in Belmont Country Club.

More encouraging is that there were 38 townhomes under contract in the last 30 days, which puts the absorption rate at 3.3 months.  The list price of townhomes under contract ranged from $199,000 for an Ashburn Farm townhome up to $399,000 for a Thorncroft Terrace townhome. (We won’t know the actual contract price until after the home closes.)

So the absorption rate for townhomes in Leesburg was shorter, at 2.4 months. Not sure why that was the case, typically the rate goes up the further west you go in the county as the commute time lengthens.  Look for a post on Sterling‘s market in the next day or two, and we’ll see how those numbers look in comparison. It could also be, that with single family home prices dipping down into the mid $300,000s, we are seeing more buyers having an option to buy a single family in a price range that was typically townhome only.

Want to follow along with the market trends? Visit our Market Stats page and you can explore all zip codes.

Cheers,

Heather