The main piece of the real estate puzzle is always inventory…if there isn’t enough supply to meet the demand, prices rise and days on market drop. We’ve already seen that median home price in Loudoun isn’t dropping, but average days on market is down in most areas of the county. Here’s a look at current inventory levels of homes for sale across LoCo. The black line is single family home inventory, and the orange is the combined condo and townhome market:
It doesn’t surprise me that inventory levels rose in May (the first time homebuyer tax credit ended April 30th); but the drop since just before September? Not sure what that’s about yet. I do know that while working with buyers lately, they haven’t had a lot to choose from (looking in the $500,000 and under price points) and multiple offer situations aren’t uncommon. From my perch, I haven’t come across as many foreclosure listings as what we saw last year, and while there are still short sales to contend with, there seem to be more traditional owner sales.
I will be breaking the inventory charts down on the town level on my other statistics blogs as this week progresses (you can find the links in the right sidebar for Western LoCo, Leesburg, Sterling, and Ashburn Stats). If you would like to know how this affects your plans to buy or sell in Loudoun in the next few months, just ask. I’m happy to help.