Posted by Jay Seville on Wednesday, January 6th, 2010 at 7:07am.
Surging Ashburn Leesburg Virginia Homes for Sale Transactions Upward & Stabilizing Real Estate Prices
Like the dramatically positive news for northern virginia real estate for sale market data in Q 4 (quarter 4) the greater region of Loudoun County homes for sale was also positive to finish out 2009.
Many will want to pin this increase on demand on the government tax credit that was ending originally ending around Nov, but I would say we can’t really know necessarily. Perhaps prices being 50% lower than just a couple years ago roughly has something to do with it as well along with the lowest interest rates ever….
Big Drops in Inventory of Loudoun County Homes for Sale and Real Estate
And if you go back to November 2007 the inventory was 2067 active single family homes which would make current inventory of 1205 approximately 42% decrease in the number of Ashburn virginia real estate and Leesburg homes for sale and real estate.
And what happens when inventory plummets combined with super duper (pronounced dooper) low interest rates…prices stabilize–at least relatively speaking compared to previous years. Are the drops in homes values over? Well for the first time I can say maybe. Is that a copout? Maybe.
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Sold Prices Finish Strong for Loudoun County Ashburn and Leesburg Virginia Real Estate
And I went back to the median for Sept-Nov 2008 versus Sept-Nov 2009 and the numbers were slightly up +1.2% for the median sales price of single family homes for sale in Ashburn/Leesburg which great news to see such stability for a 3 month block of data versus a 1 month idiosyncracy for Loudoun County.
HUGE Drops in Days on Market for Loudoun County Homes for Sale
And back in November 2007 the Days on Market to sell a home was 115 — so Nov 2009 represents a 57% decrease in the time it takes to sell a home in Loudoun County.
Hope this gives you a picture of the market in our area. The JustNewListings.com team is passionate about protecting buyer financially and I’d encourage you to use a better MLS tool to research the market and do your home search called home buyer scouting report. You can even pull up solds/comps on your own without having to talk to a realtor. the goal is to empower consumers as much as possible to win at real estate and so to have the priviledge of negotiating contracts for more buyers in the greater Ashburn & Leesburg areas where we have a full time buyer agent working and showing property. Here’s a quick demo of home buyer scouting report.