Loudoun County Market Update for Oct 2008

Fresh out of the oven at our multiple listing service…the current number of homes for sale in Loudoun County is… 2,266. With 428 homes under contract, that puts the market absorption rate at 5.3 months (the amount of time it would take for all of the homes on the market to sell, at the rate at which homes are currently selling.) Of those 428 contracts, 299 of them were on homes priced at $400,000 or below.

If you break it down by town/city, here is how it looks:

Sterling:   461 active listings, 144 under contract… 3.2 months
Ashburn:  384 active listings,  92 under contract…  4.2 months
Leesburg: 630 active listings, 105 under contract…  6 months
Western Loudoun (Hamilton, Purcellville, Round Hill): 280 active listings, 24 under contract… 11.7 months

It’s easy to see that the market is stronger the further east you go. Pretty simple when you consider how high gas prices have affected commuting costs, and also how much more affordable homes are now than they were two years ago. I’m still seeing strong traffic through open houses, and a good amount of showings on listings.  Keep an eye out for some neighborhood specific market reports here in the next few days.  If you have a particular area that you would like more information or data about, reach out to us or head over to our Market Stats page.

Cheers,

Heather