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
Things are still cooking in Leesburg this summer! Looking across both the 20175 and 20176 zip codes we can see that the pace of homes going under contract (homes absorbed) is keeping up or exceeding the number of new listings (newly listed)...no wonder the inventory level is still so low! Days on market is shorter for condos and townhomes (which are combined in these charts); not surprising since those are typically less expensive. I find it interesting that the price per square foot is pretty steady except for condos and townhomes in the 20175 zip; probably because there are some older townhomes and condos in that zip, while most 20176 condo/townhomes are newer.
If you would like free reports emailed to you specific to your zip code and home type, just use the Subscribe Now box at the top right. (Don’t worry, I won’t spam you with anything, I hate spam as much as you. <smile>)
Cheers,
Heather
Tags: Leesburg, Loudoun County, Market Statistics, zip codes
Sometimes when I am looking at different statistical reports, I see something that slaps me across the face as a significant difference. I got a bruise looking at the Leesburg reports this week, when I broke down price by zip code. Holy cow, what a difference betweeen 20175 and 20176!
- Single Family Home Median Price
- Condo/ Townhome Median Price
You can’t attribute the pricing to a lack of inventory, though, as the next charts show, the inventory numbers have trended the same across both zips. So you can clearly see a difference in pricing between the two, with the median price in the 20176 zip code significantly higher.
- Single Family Home Inventory
- Condo/Townhome Inventory
If you want more detailed information, specific neighborhood information, or more information about a zip code, just click the “Ask Heather” button up there and send me a message. You can subscribe to reports using the form right next to it, too..
Cheers,
Heather
Tags: Inventory, Leesburg, Loudoun County, market data, Median Price, real estate, Statistics, Virginia, zip codes
This week in the real estate market in Leesburg, we see more of the same…stability is a wonderful thing! Prices are still flat, and new listings coming on market is balancing with listings absorbed. The two charts in brown below will update weekly, but for this week (today is May 12th) you can see that the Homes Absorbed number and the Homes Listed number are pretty similar.
And here’s another nice sign that the market is stabilizing:
Median Price of New Listings
If you would like to receive email market updates, specific to your zip code, just use the Subscribe box on the left side of this page…
Cheers,
Heather
Tags: days on market, Leesburg, LoCo, Loudoun County, New Listings, real estate, Statistics
Bottom of the Market, or Statistical Blip?
These charts show the median price of homes for sale in Leesburg, Virginia, separated by zip code and home type. The first chart hones in on what has happened over the last 30 days, while the second chart shows the historical data for the last 180 days. Keep in mind that the ‘condo median price’ includes townhomes as well. What I see when I look at this, is that prices have remained pretty steady since November. We certainly aren’t seeing consistent depreciation like we have seen over the last two years. In fact, if you look at where each segment was in November versus right now, condo/townhome median price in 20175 has increased slightly, and single family prices in both zip codes have held steady. The only dip was in the 20176 condo/townhome median price, which decreased about $25,000 over that time period, but have remained flat since mid-February.
What does this mean for the Leesburg market? Well, not much…yet. Looking at a window of 180 days helps because that is the timeframe that appraisers will look at for closed listings when they put an appraisal value on an under contract home. It’s good that prices are holding steady overall, because that helps guide sellers in pricing their home appropriately, and helps buyers not overpay for a home (or know when they see a good deal!). Whether or not this trend continues, time will tell. Given that inventory is still low, and multiple offers are being seen on many well priced properties, I’m interested to see if the median prices will see some adjustment to match up with buyer demand. I’ll stay optimistic as long as pricing stays steady, and doesn’t decline.
Median Price of Leesburg Homes, Last 30 Days
Median Price of Leesburg Homes Since November '08
Tags: 20175, 20176, bottom of the market, homes for sale, Leesburg, Loudoun County, market data, Median Price, real estate, Statistics, Virginia
