Leesburg Market Stats » Inventory

Hang in There…

Heather Elias — Sat, 22 May 2010 12:06:28 +0000

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)

Spring Inventory? Dropping Like a Rock..

Heather Elias — Tue, 06 Apr 2010 14:28:11 +0000

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..

All Leesburg Homes for Sale

Cheers,

Heather

Prepping for a Spring Move?

Heather Elias — Tue, 02 Mar 2010 15:15:35 +0000

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

No Signs on Your Street?

Heather Elias — Mon, 30 Nov 2009 14:50:34 +0000

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

No Surprises Here, Prices Up, Inventory Down…

Heather Elias — Wed, 26 Aug 2009 16:07:16 +0000

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
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

Median Price $640,943

Inventory 363

Questions? Just ask!

Cheers,
Heather

Leesburg Market Hot for the Summer

Heather Elias — Fri, 31 Jul 2009 16:26:14 +0000

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. )

Cheers,

Heather

Zip Code? Yeah, it Matters!

Heather Elias — Tue, 02 Jun 2009 14:25:05 +0000

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

Leesburg Stats, 4/22

Heather Elias — Wed, 22 Apr 2009 14:46:29 +0000

Here’s a look at Leesburg’s real estate market, with numbers updated through last week. The median home price appears to be holding steady for the 20176 zip code, and for condos and townhomes in 20175…but look at that little increase in median price for single family homes in 20175! Nice to see something trending upwards! We’ll have to keep an eye on that to see if it continues, and if it spreads to the rest of the Leesburg market.

Inventory is still low and holding steady. I would have expected to see us trend a little higher by this point in the spring, but that hasn’t happened yet. The good news is that there aren’t a ton of bank owned listings flooding onto the market, but the bad news (if you are a buyer) is that there just isn’t a whole lot to choose from right now.

As for new listings, we saw a spike the week before the Easter holidays (and spring break for Loudoun County Schools) which didn’t continue over the holiday. I’ll be interested to see if we see a pickup again for the current week now that folks are back in town and back to business.

And finally, in looking at listings absorbed, we can see that as of the last few weeks, single family homes are selling faster than townhomes and condos in Leesburg. If you compare the chart below to the chart above, you’ll see that single family homes are going under contract at about the same rate each week as the number of new listings coming on market. Condos and townhomes aren’t getting ‘absorbed’ as quickly.

Let me know if there are other statistics you want to see!

Cheers,

Heather

April 13th Update

Heather Elias — Tue, 14 Apr 2009 01:52:14 +0000

Here’s the update for Leesburg, keeping in mind that the ‘condo’ report covers townhomes and condos…

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Not too much change from the last update, days on market and median/average pricing seems to be pretty steady. A little bit of a jump up in new listings in the single family market, but about the same for townhomes, as compared to the numbers from April 3rd.

Looks like we are seeing more of the same here, no big changes in the trends from last week: condos and townhomes in the 20175 zip code have increased slightly in median price, while single family homes in the 20176 zip code have climbed.

And look at that, finally a little uptick in inventory (it is spring, the last time I checked)…however, we are only seeing it for single family homes, while the townhome/condo inventory continues to shrink.

March 25th Update

Heather Elias — Wed, 25 Mar 2009 15:42:41 +0000

Here’s the update for this week, keep in mind that the ‘condo’ report encompasses all non-single family home properties, including condos and townhomes.

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So, what we see for single family homes is a big disparity between median and average list price…there must be some higher priced properties hanging around skewing that average list price, huh? Single family homes are sitting on the market just a touch longer than condos and townhomes. The townhomes and condos are selling faster than the single family homes, too (look at the number absorbed versus the inventory total.)

Interestingly, single family median home prices are taking a beating in the 20175 zip code, while condos and townhomes are seeing an uptick. Meanwhile, in 20176, the single family home median price rose over the last month, while condos and townhomes dropped. Take note, price trends are neighborhood specific, folks!

And this is the most powerful chart here…inventory is dropping as we come into the spring market. There is not a whole lot to pick from, despite what you might hear in the national media. I’ll be keeping an eye on this, hoping to see some new listings as we get further into spring.