Price of Tea in Purcellville is Going Up

Village Case community

We’ve been taking a look at activity in a few LoCo neighborhoods, today we’ll take a look at one of the more unique areas of Loudoun, Purcellville. In reviewing sales here we need to delve a little deeper, consideration must be given to acreage, age, and condition.

Four townhome sales (three in Purcellville Ridge and one in Main St. Village) have been recorded since December 19, compared to five during the same time frame last year. Because of the vast difference in square feet and age, these neighborhoods must be analyzed separately. In Purcellville Ridge, the average sales price of $316,333 was up 2% compared to last years average of $310,833. The average days on market for this year is 31, a substantial improvement over 53 from last year. The lone sale in Main Street Village this year was at $238,000, another significant increase over the two sales here in 2012 which averaged $196,500 (one foreclosure and one short sale). As of this morning, there are no townhomes available and only two are under contract.

When taking a look at single family homes in Purcellville, there are three types; acreage properties, historic homes, and standard sales. Often, the historic homes include acreage and need renovation, further complicating the analysis. Due to the nature of these types of properties, we are only going to examine the standard sales. However, if you would like more information regarding a specific property please contact meOverall, standard sales have dipped from 27 last year to 18 over the last 90 days, including three foreclosures and one short sale. The average sales price of $361,000 is a 6.5% gain over last year’s average of $338,822, continuing the trend we have seen throughout the county. There has also been a dramatic improvement in the days on market, dropping from 105 last year to 52 this year. As of this morning, thirty-nine homes are available, eighteen of which are under contract.

What does this mean for you? Buyers in Purcellville should expect to offer full price, and don’t wait if you are in the market for a townhome as inventory is virtually non-existent. Sellers should see prices continue to increase, and spend fewer days on the market before getting a contract. If you are considering making a move this spring, send us an email or call us at (571) 233-5495, we’d be happy to help.

Want to know what your Purcellville home is worth? It’s simple, register for our home value report and it will quickly arrive in your inbox! (Live outside of Purcellville, but still curious about home values? That’s fine, you can register, too.) If you are thinking about buying in Purcellville, we can help with that as well; sign up here to receive all the new listings in this neighborhood.

Cheers,
Mike

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About our blog

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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