So we’ve turned another year in our never-boring real estate market here in Loudoun County. It has certainly earned it’s “LoCo” nickname. Going into last year, I was cautiously optimistic about the spring market, and whether the market would stabilize here, at least in terms of prices. Looking at the year ending stats below, it looks like the market is a lot less volatile. While we are not selling nearly the volume of homes across the county that we did in 2004-2006, we are now seeing mostly stable prices, and very low inventory. What this means for you, if you are planning to sell this spring, you can likely make it happen in a reasonable period of time, and still find a decent deal on a move-up, or downsized home. If you are looking to buy, there are not as many properties to pick from, but there are still some deals to be had on foreclosure properties or, if you have the patience and flexibility, short sales.
- Median Price: for single family homes started the year just under $550,000 and ended the year at $540,000. This is not a huge swing and to me that shows stability. Same goes for condos/townhomes, ended the year right about where it started.
- Inventory: way down across all parts of the market. Not as many to pick from as lots of buyers jumped off the fence this year to take advantage of the tax credit, while folks that didn’t have to sell stayed put with a wait and see attitude.
- Days on Market: the charts are a little deceiving, those huge jumps up really only show a less than 20 day swing; single family homes ended the year taking on average a week longer to sell, and condos/townhomes just five days more.
If you are thinking about making a move this spring, now is an excellent time to take a look at market value and market activity. I’m available to help you calculate the market value of your home, or to help craft a purchase strategy. Feel free to call, text, email, use the chat feature above, or hit the Ask Heather button. It’s what I do. (smile)