It may be over 100 degrees outside, but home prices seem to be cooling…
Halfway through 2010, and where does the real estate market stand in Leesburg? From the perspective of median price, it depends entirely on your home type and zip code. In the 20175 zip, both single family homes and condo/townhome median price dropped roughly 10% since the start of the year (despite some seasonal up and down activity this spring.) However, in the 20176 zip code, single family home median price is right where it started the year, while condo/townhome median price is up roughly 10%. Although we saw some volatility in April, pricing has been mostly stable for the last year. Inventory is up right now over prior levels, though, so we may see some downward adjustment in pricing until that settles down again.
Cheers,
Heather
Tags: Leesburg, Loudoun County, Median Price, real estate
I knew that the first time homebuyer tax credit (that expired April 30th) was having a significant affect on our real estate market in Loudoun County, but it’s even more evident now by what has happened to inventory levels across the county since it ended. In the two weeks directly after, inventory basically doubled. Thankfully, that seems to have leveled off now. I’m watching the statistics like a hawk to see where this market is heading. For now, I’m holding my breath.
Cheers,
Heather
(if you want to look at inventory on a county level, I just wrote about that at LoCo Market Stats)
Tags: Inventory, Leesburg, Loudoun County, real estate, Statistics
Well, I had hoped to see some more homes coming on the market for the spring, and there were some, for just a little while….looks like they all went under contract as we near the end of the first time homebuyer tax credit. (Keep in mind the condo chart includes townhomes, too.)
Not a whole lot to pick from, all of a sudden, huh? In the last 30 days, 153 homes went under contract in Leesburg. Which means we have about two and a half months of inventory available at the rate at which they are going under contract (that is considered a seller’s market, by the way). I have no idea (and am interested to see) what will happen after April 30, when the tax credit is no longer affecting the market.
If you are thinking of selling this spring, I’d highly recommend getting on market this week: very little competition, and highly motivated buyers. If you are looking to buy this month, make sure you are working with an agent that is getting new listings to you on a daily basis, so that you don’t miss out. You need to be under contract by April 30th to utilize that tax credit. There’s a home search button in the upper right corner of this page, too, if you want to see some information on those available homes..
Cheers,
Heather
Tags: homes for sale, Inventory, Leesburg
If you are thinking about selling or buying this spring, it’s always helpful to know either how much you have to pick from (and where the listings are) or what listings you will compete with for buyer attention. The charts below give you an idea about where in Leesburg the listings are concentrated right now, as we head into the spring market.
Single Family Home Inventory
While inventory continues to drop in the 20175 zip code, it has started to rise slightly in 20176. Low inventory levels cause multiple offer situations on homes (and yes, I’m seeing that happen), so if you are buying, you will need to keep a close eye on listings as they hit the market. Ask your agent for a daily email with all new listings so that you don’t miss an opportunity. From a selling standpoint, there are not very many homes on the market in either zip code (roughly 290 single family homes across all price points in Leesburg!) so if you are ready to go on market now, there aren’t many other listings to compete with.
Condo and Townhome Inventory
The combined condo and townhome inventory, though, shows a distinct difference between the two Leesburg zip codes. While inventory levels are trending up in 20175, there are still fewer homes on market than in 20176, where levels are dropping. The jump up only accounts for about a 15 home swing in inventory, but may show an increase in listings for the spring market; we will have to keep an eye on it in the coming weeks. The condo/townhome market in 20176 is a larger market, but with the homebuyer tax credit set to expire soon, competition among buyers for available listings is likely to be fierce.
If you would like more specific information about neighborhoods or home types, or just want market advice, please click on the Ask Heather button and reach out to me. You can also sign up for monthly market updates specific to your home and location.
Cheers,
Heather
Most of the time here, I take a city-wide look at market statistics, which is great if you are looking for a general idea of what the market is doing in your area. However, when you are trying to get a specific idea of your home’s market value (or the market price of a home you are considering purchasing) you need to look a little closer, as pricing can vary wildly by zip code, or even neighborhood. Case in point, median price for single family homes in Leesburg:
Let’s look specifically at the May 1 to September 1 time span, which in 20176 corresponded to a slight rise but overall gain of about $3000. During that same span in 20175, median price jumped up from $555,000 to roughly $602,000…slight difference, huh? And since then, an even bigger difference, as 20176 plummeted to around $590,000 while 20175 saw volatility before inching up to around $595,000. See why it’s so important to look more closely? I can’t break these charts down on the neighborhood level here (although I’m happy to run those numbers for you individually, by request) but I’d venture to say that on that level, we’d see a variety of trends too.
If you would like me to give you specifics about your neighborhood and house type (whether you are in Leesburg or anywhere else in Northern Virginia) just click on the What’s My Home Worth? button or email me at heather@LoCoMusings.com .
Cheers,
Heather
Tags: Median Price
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
Condos and Townhomes
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 pidgeon. 
Cheers,
Heather
Tags: Median Price
Well, it’s no secret that inventory levels are down in northern Virginia and Loudoun County. We have the first time homebuyer tax credit to thank for that. (Sales volume jumped up sharply when that credit was announced.) I know I’ve noticed fewer for sale signs in Leesburg as I am out and about, so I thought I’d break it down for you by home type and zip code. The numbers are through the week ending November 27th.
When compared to the inventory levels at the beginning of the year, the 20176 zip has seen a more dramatic drop off. Even with a slight uptick for condos and townhomes in the last week, there are still very few to pick from. (These charts include short sale listings as well as traditional sales.) In 20175, the difference is not as big, but is still less than where we started the year. I’m guessing that with the extention of the homebuyer tax credit (which now allows some current homeowners to qualify for a credit if they purchase) we will continue to see low inventory until that runs out.
Questions on what this means for your home value, or your home buying plans? Just ask. Or call or text me at 571-233-5491. It’s what I’m here for.
Cheers,
Heather
Tags: Inventory
So how long does it take to sell a house in Leesburg, Virginia, right now? Have a peek at this chart to see how the single family home market compares to the condo/townhome market...
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Average Days on Market for homes in Leesburg, VA as of Oct 23, 2009 is 129 |
Looking at the charts, it takes about two months longer to sell a single family home than it does a condo or townhome; average days on market of around 190 for single family homes, around 130 for townhomes/condos. I have to say though that I think the short sales on the market are skewing the data, as many remain *active* in the listing service while the bank reviews the offers. The traditional sale homes seem to be selling much faster than that...my most recent listing in Leesburg sold with only 38 days on market, with plenty of showings.
Cheers,
Heather
Tags: days on market, Leesburg, Loudoun County
Happy to unveil to you… charts that you can click on and play around with to see how the statistics look on any given day! You can also adjust the length of time you showing on the chart (one month, three months, etc) Go ahead and play with them, they are hot off the proverbial presses~~ and please give me some feedback on what you think!
Leesburg Single Family Homes
Leesburg Condos and Townhomes
Questions? Please just ask!
Cheers,
Heather
Tags: Inventory, Leesburg, LoCo, Loudoun, Median Price, Virginia
Dramatic graphs, huh? Doesn’t take a rocket scientist to see what the trends are for single family homes in Leesburg… Inventory is still contracting, while median price has risen from a low of around $607,000 in April to the current $640,943. I’m watching to see what happens after November 30 and the first time homebuyer tax credit ends; that has been the driving force in our local market. For now, though, the upswing in homes under contract continues!
| 90-day stats for Single Family properties in LEESBURG, VA as of August 21, 2009 |
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|---|---|---|---|
| Median List Price | $640,943 | Average List Price | $820,165 |
| Total Inventory | 363 | Price per Square Foot | $154 |
| Average Home Size | 4,399 | Median Lot Size | 15,447 |
| Average # Beds | 4.27 | Average # Baths | 4.41 |
| Homes Absorbed | 26 | Newly Listed | 20 |
| Days on Market | 190 | Average Age | 23 |
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Questions? Just ask!
Cheers,
Heather
Tags: Inventory, Leesburg, LoCo, Loudoun County, Median Price, real estate, single family homes, Statistics
