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.

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Cheers,

Heather

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!

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.

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Cheers,
Heather

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

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

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.

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.