The biggest question in Loudoun County real estate lately is “how are short sales and foreclosures affecting our market?”. I crunched the numbers (directly from Metropolitan Regional Information Systems, our multiple listing service) this morning to see how much of our homes for sale qualify as distressed, meaning short sales or foreclosures, versus ‘normal’, or traditional owner sales. I eliminated the new construction listings since most are placeholders model home types within communities, and don’t represent actual addresses. Here’s how the rest of the active listings broke down for Loudoun County:
So the ‘distressed’ market makes up a quarter of all homes for sale in Loudoun (roughly) while traditional owner sales are the dominant type of property available. Of course, I wanted to look at how that broke down for different towns across the county. I pulled separate data for Sterling, Ashburn, and Leesburg, then combined the towns in Western Loudoun (Paeonian Springs, Hamilton, Purcellville, Waterford, Round Hill, Lovettsville, and Bluemont) for one chart, and the Southwestern towns (South Riding, Chantilly, Aldie, Stone Ridge, and Middleburg) for another. Here’s how each of the towns fared:
It’s obvious from these charts that Leesburg and Southwest Loudoun echo the overall statistics for the county, Ashburn and Sterling have more distressed homes (particularly short sales), while the Western part of Loudoun is least affected by distressed homes. I’m sure that some of my readers will be surprised by how few foreclosure properties are available, but it is a fair representation of what I’ve seen while out showing homes to buyers in Loudoun. There just aren’t as many of those types of properties listed, and when they come available they typically go under contract fairly quickly.
I’m writing a followup post to this at LoCo Market Stats later today that will break down these percentages based on type of home (single family, townhome, and cond0) in the different towns, too, so that you can get a more specific idea of what types of properties (and where) are most affected.