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New Year, New Market?

Northern virginia housing market

We’ve turned the corner into another year in Loudoun, and I’m a couple of weeks late with a 2010 wrapup post on the state of the market. So how did 2010 turn out, compared to 2009?

  • Total Homes Sold 2010: 4936, which is down 8.8% from 2009
  • Median Sale Price 2010: $362,500, up 8.2% from 2009
  • Average Days on Market 2010: 50 , down 24.5% from 2009
  • Percent of List Price to Sold 2010: 96.9%, up 0.9% from 2009

I see quite a bit of positive there…median sale price up over 8 percent is great, it definitely shows market recovery. And a 24% drop in days on market is great; most of the country would LOVE to see an average of 50 days on market. I’m not as concerned with the volume of homes sold; that is holding pretty steady.

What does this mean for 2011? It’s probably not going to take you as long to sell your home, and if we continue to see an 8% upward trend in median sold price, I have a lot of clients that are going to want to sell this year.  I’m very optimistic that we are seeing stability in our market, a return to normal, and a reason to have confidence in your home.

Cheers,
Heather

Comments

9 responses to “New Year, New Market?”

  1. Antoinette Arsic via Facebook Avatar
    Antoinette Arsic via Facebook

    Zillow had been really kind to me the past few years, but the last 2 reports now have my house valued less than what I paid in 2004. I don’t like that.

    Reply
  4. Antoinette Arsic via Facebook Avatar
    Antoinette Arsic via Facebook

    So the selling price could be lower than what Zillow reports that the selling price was? Confused.

    Reply
  6. Heather Elias via Facebook Avatar
    Heather Elias via Facebook

    The net selling price could be lower than what Zillow reports. If a seller, as part of the transaction, contributes to the purchaser’s closing costs, that lowers their net proceeds for the transaction, but doesn’t show up in Zillow’s calculations, because only the contract sale price shows in the tax record.

    The overall Zestimate is based on numerous ‘comparable sales’, though, and in my experience those comparables are rarely homes that an appraiser or a real estate agent would use to help determine appraised value or market value.

    Reply
  7. Antoinette Arsic via Facebook Avatar
    Antoinette Arsic via Facebook

    OK, lol, what I am looking for is some positive news or “hang in there news.” : )

    Reply
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    […] revamp their content in the new year. While the first story was an excerpt from a post here and a post on LoCo Market Stats, upcoming articles may or may not be content from the blog.  So if you’d like to read my […]

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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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