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Leesburg Market Update, Nov. 5, 2008


Well, now that things have calmed down a bit and the election is over, I have some time to be able to write a market update! I was so busy answering robo-calls from all the candidates the last few days.. <wink>

I was taking a look today at the homes available in Leesburg. If you break out just homes designated in the multiple listing service (MLS) as townhomes, and eliminate the generic builder listings, there are 122 townhomes available in Leesburg, all zip codes.  They range in price from $67,500 for a three bedroom, one bath in the Heritage Square community, all the way up to $989,900 for a River Creek luxury townhome.

In the last 30 days, 51 townhomes have gone under contract in Leesburg, so that puts the absorption rate for townhomes at 2.4 months. (Absorption rate is the amount of time it would take, in months, for the current inventory to be ‘absorbed’ at the rate they are currently selling.)  Townhomes under contract range in list price from $73,500 (in Heritage Square) to a townhome for $515,000 in River Creek.

When you look at single family homes in Leesburg, though, we see a much different picture! Again, removing the generic builder/new construction listings, there are 320 houses active on the market. The least expensive home is a two bedroom, two bath in the Oak View neighborhood for an amazing $102,900, and the most expensive is a 180 acre estate on Loyalty Road, with an asking price of $7.25 million.

There are only 27 single family homes under contract in Leesburg for the last 30 days; so that puts the absorption rate at a miserable 11.8 months. (Miserable if you are a seller, fantastic if you are a buyer!) The homes under contract range in list price from $140,000 for a home in Oak View up to $899,000 for a six bedroom home in Lansdowne.

This illustrates that the majority of the activity going on is in the typical first time homebuyer price range; well within FHA mortgage limits.  Townhome sellers in Leesburg can take heart that it appears that segment of the market is chugging right along, while single family homesellers should keep a strong eye on the market and make sure they are priced appropriately and are in good condition, because you are working with a limited number of buyers at this point.

Look for updates for Ashburn, Purcellville, Sterling, and Round Hill shortly.

If you would like an online market update customized to your neighborhood, just send me an email with the following information:

  • Name
  • Address
  • Email address
  • Type of home (condo, townhome, single family)
  • Number of bedrooms and bathrooms
  • Approximate square footage

and I’ll email you a customized, clickable report that lets you look at active comparable homes on market, recent solds, contract activity, and lots of other 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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