Last week I did a market update for all of Loudoun County (LoCo). Today, I’m focusing specifically on Leesburg. Using data from the MRIS multiple listing service, as of this morning there were 386 homes available, removing generic builder listings and rentals. Of those listings, 83 were tagged as “3rd party approval required” which means that they were short sales. (Click on the link to read more about short sales and third party approvals.) The active listings broke down as follows:
- 219 single family homes
- 99 townhomes
- 68 ‘other’ (typically, condos)
In the last 30 days, 117 homes have gone under contract in Leesburg. Of those, 23 are awaiting 3rd party approval.
So, the market’s absorption rate (the amount of time it would take for all the homes currently available to be ‘absorbed’/sold at the rate at which they are going under contract) is about 3.3 months for Leesburg. The rate for all of Loudoun County is 3 months, so Leesburg is finally catching up, where it had been lagging behind Sterling and Ashburn for the last year or two. This matches up with what I’ve been seeing: an increase in phone calls, open house attendance, showings, and web traffic. The ‘ripple’ of increased activity in the closer-in suburbs has reached Leesburg.
I’ll take a look at Ashburn, Sterling, and the western parts of LoCo in the next couple of days, so we’ll see how the different locations compare.