It was about that time of the month for me to do a new statistical analysis of the Loudoun County market, but this month I’m going to direct you to a post at Loudoun RE Blog: Loudoun County Real Estate Market Showing Continued Signs Of Strengthening. From the numbers that fellow Realtor Danilo Bogdanovic has pulled from our multiple listing service, the rate of new listings coming available has slowed over last year’s numbers, while the number of homes going under contract have risen (again, versus last year’s numbers.) At the same time, the number of foreclosure listings coming on the market has stabilized.
If you are waiting for a blinking red light and a siren to tell you that the market has hit bottom, that’s not going to happen. But the signs are starting to show that we are coming out of this. One statistic that I did pull, for Ashburn in particular (as I was working with a buyer there this week): 522 active listings with 139 new contracts in the last 30 days means a 3.76 month market absorption rate. (the number of months it takes for the current inventory to be absorbed at the current rate homes are selling. At 3.76 months, we are in a balanced market…not a buyer’s market. A three month absorption is by definition a sellers market. This is not the case in all of Loudoun County, but the eastern part of the county is where we see change happen first, and then it moves west. Multiple offer situations are occuring regularly on well priced properties in Ashburn now.
Of course we will continue to monitor the number of listings and contracts to make sure that this is a continuing trend, but if you are thinking about buying, now might be a good time to take a look at the properties that are available.