The Cupboard is Bare!

A couple of weeks ago our local Dulles Area Association of Realtors published its’ 2015 Year End Housing Market Trends for Loudoun County. Here is an overview of the report:

• After five years of growth since bottoming out in 2009, Loudoun’s 2015 median sales price was unchanged from 2014 at $432,000.
• Sales in 2015 were very strong, with year-over-year gains in every quarter, including a 20.0 percent increase in the 3rd Quarter. Ultimately, the 6,485 cumulative sales for the year represented an increase of 11.8 percent compared to 2014 with nearly 700 more homes sold.
• Despite a 17.1 percent year-over-year increase in seller activity in the 1st Quarter, new listings were flat in the 2nd Quarter and decreased in the second half of the year. The cumulative number of new listings added over the course of the year topped the 2014 level by merely 1.4 percent.
• Though 2015 started with 43.3 percent more active listings than the prior year, inventories began declining by mid-year and by year’s end there were 10.0 percent fewer listings for sale than 2014.

We have seen strong evidence of the last two points with every trip to our offices in Ashburn and Leesburg. Inevitably, a fellow agent will ask what listings we have coming on the market as they have a buyer who can’t find what they want. We also see it in the various local Realtor groups on Facebook to which we belong. Just about every post is “Buyer Need” or “I have a client looking for…” The Multiple Listing Service supports that trend continuing.

As I write this post there are only 810 resale homes for sale in all of Loudoun County, with 638 under contract. If we look at this at the town level: Ashburn has 142 homes for sale, Leesburg has 258, and Sterling has only 92. While I understand that it’s still February, make no mistake: there are buyers that can’t find the home they are looking for. The spring market has already started!

So what does all that mean to you? I know you’ve heard it before but if you are considering moving on from your current home there is no time like the present. With so little inventory sellers tend to be able to achieve higher sales prices and fewer days on the market. To find out how we can help you achieve your real estate goals reach out to us or give us a call at 571-233-5495.

Cheers,
Mike