I wouldn’t go so far as to call the local real estate market loco…but it has been a completely different experience than 2011. Based on the May numbers released by MRIS, the multiple listing service that Realtors use here, our Loudoun sold dollar volume for May 2012 was $222,570,219, up 30.71% from May 2011. At the same time, overall days on market for all properties across the county dropped from an average of 61 days in May 2011 to just 47 days on market for May 2012. The median sold price for all property types was an even $400,000 for May, up 2.83% from May 2011.
Translation? If you are a Loudoun homeowner, your property values have grown a bit in the last year. Comparing May 2011 to May 2012 is just a mere slice, but it should begin to give you an idea. Any working real estate agent will be able to tell you that it’s been a busy year…buyers have had to contend with low inventory, and multiple offers on the homes that do come available, in most price points and areas. Sellers have enjoyed a shorter marketing period and the ability to sell their homes for near asking price. If you want to know what your home is worth now, click here.
If you are a potential home buyer in Loudoun? You’ll need to keep in mind that there aren’t a lot of homes for sale right now, and properties aren’t hanging around on the market too long…if you find one that you like, you won’t want to waste time. Want to be prepared before you start looking? Schedule a consultation first. If you want to see what’s available now, you can search for homes here. (Or use that jazzy quick link form at the top of this page.) =)
As always, if you have questions about Loudoun County or real estate, please reach out and ask me, it’s what I’m here for, after all.