Here’s the bird’s eye view of the Loudoun County real estate market this week…Looks like things are pretty stable; with the first time homebuyer tax credit driving demand right now, inventory remains low, and days on market are dropping. Prices remain stable as appraisals are conservative (multiple offers are not causing prices to trend up sharply, but I am seeing most appraisals marked ‘stable’ and not ‘declining market’ now.)
The last graph is the market action index, which takes into account inventory and buyer demand, to give us a visual representation of whether it’s a buyers’ market or sellers’ market. Once the number reaches 30 that is typically considered a balanced market. So the condo/townhome market is edging toward balance, while the single family home market is still strongly a buyer’s market.
Questions? Want more or more specific info? Ask Heather …