Holy smoke, those look like precipitous drops in median price for Leesburg, huh? The first chart is single family homes and the second is the combined condo/townhome market. (Both chart median prices over all of 2009.) Certainly, there is a bit of movement both up and down over the course of the year, but when you compare where we started the year, and where we ended it, there is overall not a lot of difference: single family homes were down about $27,000 and condo/townhomes down $7,000. I have to say I’m happy to see that upswing for the spring/summer markets, which is the busiest time of year in the real estate market; I’m thinking we will see more of the same this year.
If you are thinking about selling for this spring, inventory levels are very, very low, so appropriately priced homes are going under contract very quickly. If you are thinking about buying in time to utilize the homebuyer tax credit before it expires (which means you have to be under contract by May 1st) you might think about beginning your search soon. For buyers, inventory levels are low enough that you will need to track the market and look at homes pretty much as soon as they are coming on the market~~an excellent reason to have a qualified buyer’s agent working for you.
Single Family Homes
[altos_chart st=”VA” cid=”1977167″ zid=”2888603″ rt=”sf” ra=”c” q=”a” left=”median_price” size=”a” timeSpan=”e” endDate = “2010-01-01” /]
Condos and Townhomes
[altos_chart st=”VA” cid=”1977167″ zid=”2888603″ rt=”mf” ra=”c” q=”a” left=”median_price” size=”a” timeSpan=”e” endDate = “2010-01-01” /]
If you would like to know the market value of your home to make informed real estate decisions for the upcoming year, just touch base with me and I am happy to put information in your hands and help you plan for the future. If you are thinking about buying and want to start monitoring the market, or have your questions answered about market trends or the buying process, I can certainly consult with you and help point you in the direction of some fantastic resources.
As always, I’m available via my cell phone, text message, chat (look in the right sidebar), the Ask Heather button above, email, or carrier pigeon. 😉