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Sizzling Start to Summer Sales

Summer is almost here and our market tends to take a one week breather as the school year ends. It’s a good time to take a look at what has been going on over the last month and see how that compares to last year. Based on what my client’s have experienced this spring, the numbers show what I expected. Let’s take a look…

June 4 Chart

Excluding new construction, 545 homes have sold in the last thirty days, representing a 15% increase over last years 461 sales in the same time frame. That jump is due to nearly one hundred more townhome sales this year compared to last. We can also see the number of short sales and foreclosures has dropped 37% to only 57 in the past month.

June 4 chart 2

Looking at sales by zip code, Ashburn has two of the top three hottest areas with 98 total sales for 20147 and 65 sales for 20148. Compared to last year, the only neighborhoods that did not see an increase in sales were 20164 and 20175.

June 4 chart 3

My last chart displays the average list price of homes in the six hottest LoCo zip codes. Ashburn’s 20148 tops the charts at $506,167 for homes sold in the last 30 days, a 9% increase over 2012 and a significant jump from the 2-3% average increase we have seen for the last three years. Leesburg‘s 20176 came in at $480,976, while 20175 was at $455,174. The biggest price increase belong to the 20164 area of Sterling, from $289,021 last year to $346,153.

What does all this mean for you? So far this year, sellers have been able to take advantage of the slim inventory and see healthy gains versus a year ago. Buyers have had to be quick on the draw to get what their after, but the lack of inventory has spurred a bevy of new construction choices throughout LoCo.

If you are thinking of selling, the first step is to see what your home may be worth. Sign up here for our Home Value Report and we’ll have it in your inbox in a matter of moments. Are you in the market for a new home?  Now more than ever you need great representation, register here to let us know where you would like to live and we’ll send all of the available listings to you inbox.

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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