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Condo Market Having Complications

I posted last week on LoCo Musings and LoCo Market Stats analyzing how much of our active real estate market in Loudoun is currently made up of ‘distressed’ sales, meaning short sales or foreclosures. What I found is that it varies depending where in the county you are, and also what home type you are looking at. Here’s the overall picture for the county:

percentage of distressed active real estate listings in Loudoun

Easy to see that the vast majority of listings are not distressed properties, with 74% considered ‘normal’, or traditional, listings. (Here’s a post I wrote explaining the difference between short sales and foreclosures.) So, here’s how it looks for active listings in Ashburn:

percentage of distressed real estate listings in Ashburn

Well, the percentage of foreclosures is the same, but there are more short sales in Ashburn. Let’s break that down by property type and see how that looks:

percentage of distressed real estate listings in ashburnpercentage of distressed townhome listings in Ashburnpercentage of distressed real estate condo listings in ashburn

Single family (‘detached’) homes are faring better than other home types, with only 21% short sales and 2% foreclosure (which is closer to the county percentage of short sales, but well under the foreclosure percentage). The townhome market has more short sales and foreclosures, leaving only 65% of sales as ‘normal’, although the real difference is with the condo market, where a full 50% of listings in Ashburn are either short sales (35%) or foreclosure (15%).

Would you like to know how this specifically affects a particular neighborhood? Please fill out a quick form with a few property details and I can give you very detailed statistics.

Cheers,
Heather

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Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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