Loudoun County Market Update for March 2008

Took a quick peek to see what has been happening with listings and contracts around Loudoun County; based on today’s numbers, here is how it looks:

Ashburn:

• Single Family Homes: 268 active, 43 under contract = 6.23 month absorption
• Townhomes: 228 active, 82 under contract = 2.78 month absorption
• All Listings: 563 active, 136 under contract = 4.14 month absorption

Leesburg:

•  Single Family Homes: 468 active, 76 under contract = 6.15 month absorption
•  Townhomes: 246 active, 68 under contract = 3.62 month absorption
•  All Listings: 848 active, 152 under contract = 5.58 month absorption

Hamilton:

•  All Listings: 54 active, 11 under contract = 4.9 month absorption

Purcellville:

• All Listings: 160 active, 19 under contract = 8.42 month absorption

Round Hill:

• All Listings: 72 active, 10 under contract = 7.2 month absorption

Comparing this to the numbers I ran on February 22nd, it looks like Ashburn and Leesburg townhomes are continuing to sell at a higher pace than what we have seen for the last year and a half; single family homes there are rallying as well.  We are seeing definite improvement, though, in the western part of the county! I think this reinforces that the market trends outward from DC west to the suburbs. Don’t be as concerned about last year’s numbers versus this year’s numbers when you are considering buying or selling; take a look at the specific market you will be participating in, and base your decision on that.  There are a lot of fantastic deals out there right now for buyers.  For sellers, we can see the light at the end of the tunnel for the long days on market: homes that are priced well and in good condition are going under contract in very short periods of time.

If you have questions about any of these statistics, please reach out. I’m happy to put together a market update tailored to your home, or the home that you intend to buy, to give you more specific information.

Hope this is helpful!

Cheers,

Heather

(all figures pulled from MRIS multiple listing service as of 1 pm today, 3/15/08)