Get Them While They’re Hot!

Any working real estate professional in Loudoun County is going to nod their head in agreement when looking at these charts; the real life ‘boots on the pavement’ experience is matching up for certain with what we see on these charts. Ashburn condos and townhomes are definitely selling as fast as they are coming on the market! Before I get ahead of myself, though, let’s take a peek at median price, first…

Single Family Home Median Price

Pretty easy to see what is happening here.. Clearly, median home prices appear to have bottomed in March through May, and have gained steadily since then.  Whether this is temporary or a sign of a true bottom? Time will tell. For now, if you are thinking about buying or selling a single family home in Ashburn, the market is now being labeled “stabilized” and not “declining” by appraisers.

Single Family Home Median Price
Single Family Home Median Price

Condo and Townhome Median Price by Quartile

What’s a quartile? It looks at each quarter of the market, so that we can pinpoint if one price bracket is performing differently than another. From looking at condos and townhomes in Ashburn, it looks like all four quartiles are performing similarly..and we aren’t seeing an uptick in pricing, right now.

Condo & Townhome Median Price
Condo & Townhome Median Price by Quartile

New and Absorbed Single Family Listings

The black line is new listings, and the orange line is listings absorbed.  So when the orange is above the black, homes are selling faster than new listings are replenishing the inventory. This was the case from November of last year through until March of this year.  Absorbed listings started outpacing new  listings again in June, so inventory has tightened up a bit since then.  The spike upwards in absorbed listings the beginning of May coincides with the uptick in median price too..laws of supply and demand, in action.

Single Family Home New and Absorbed Listings
Single Family Home New and Absorbed Listings

New and Absorbed Condo and Townhome Listings

The orange and black lines have been pretty evenly matched up since March for condos and townhomes, which is probably why we aren’t seeing an uptick in prices right now.  The inventory level feels low to me from acting as a buyer’s agent, so I’ll be watching to see how the median price behaves over the short term.

Condo & Townhome New and Absorbed Listings
Condo & Townhome New and Absorbed Listings

If you would like more specific reports emailed to you, fill out the Subscribe Now form at the right (don’t worry, I won’t spam you…this is an information based site!). If you’ have a real estate question, or want my opinion on the market, click the Ask Heather button at the top and drop me a line.

Cheers,
Heather

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About our blog

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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