March 25th Update

    Here’s the update for this week in Leesburg, keep in mind that the ‘condo’ report encompasses all non-single family home properties, including condos and townhomes.

    So, what we see for single family homes is a big disparity between median and average list price…there must be some higher priced properties hanging around skewing that average list price, huh? Single family homes are sitting on the market just a touch longer than condos and townhomes. The townhomes and condos are selling faster than the single family homes, too (look at the number absorbed versus the inventory total.)

    Small ChartSmall Chart

    Small ChartSmall Chart

    Interestingly, single family median home prices are taking a beating in the 20175 zip code, while condos and townhomes are seeing an uptick. Meanwhile, in 20176, the single family home median price rose over the last month, while condos and townhomes dropped. Take note, price trends are neighborhood specific, folks!

    Medium Chart

    And this is the most powerful chart here…inventory is dropping as we come into the spring market. There is not a whole lot to pick from, despite what you might hear in the national media. I’ll be keeping an eye on this, hoping to see some new listings as we get further into spring.

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    Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.

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