Loudoun County Housing Market Overview 2011 01Posted: February 9, 2011
Back to the Future: 2009…Again?
February 9, 2011
For immediate release
Contact: Rosemary deButts, Housing Analyst
(Leesburg, VA) – Loudoun County’s January 2011 housing market activity statistics felt more like early 2009. Although the market was expected to slow last month given normal cyclical patterns and the lingering “first time buyer’s credit hangover”, going back to early 2009 levels was not expected. For example, the days on market in January 2011 was 77 days, the highest since May 2009; the median sales price was $317,500, the lowest since April 2009; average prices for detached ($468,914) and attached ($275,209) units were at April or May 2009 levels; and the close price to original list price ratio (92.8 percent) equaled the ratio in May 2009.
Revised 2010 year-end sales totals showed a 10 percent decline compared to 2009. However, the 2010 annual median sales price advanced 7 percent in 2010 compared to 2009.
Preliminary sales in January amounted to 247 units, 40 percent below the month before and a typical result in January. They were, however, 6 percent behind January 2009 levels – although 6 percent was not as large as anticipated as we readjust to a market with no artificial stimulus from the government. Of those 247 sales, 64 percent occurred in Eastern Loudoun; 23 percent were in Leesburg; and Western Loudoun had 13 percent of the total. Throughout the county, 107 sales were either short sales or foreclosures (43 percent). This was the first time the share of distressed sales exceeded 40 percent since February 2010. Most of the increase happened in Eastern Loudoun where the share of distressed sales increased from 30 percent in December to 46 percent in January.
Days on market in Eastern Loudoun was respectable though at 59 days in January. The average jumped to 92 days in Leesburg and to 136 days in Western Loudoun.
The close price to original list price ratio was also strong in Eastern Loudoun in January at 94.9 percent. Compare that to 91.3 percent in Leesburg and 87.8 percent in Western Loudoun.
Loudoun County’s month’s supply of inventory reached 4.7 months in January, the highest level since October 2010. However, it was 4 percent behind the inventory level for January 2010. Available inventory remained low in Eastern Loudoun, only 3.5 months. Inventory in Leesburg was 5.4 months and in Western Loudoun, the level was 9.7 months.
The largest majority (54 percent) of homes sold in the $200,000 – $399,999 price range in January.
Rosemary deButts is a REALTOR® associated with 1757 Real Estate Company in Leesburg, Virginia and she serves as the housing analyst for the Virginia Association of REALTORS®. She is certified by the National Association of REALTORS® as a Short Sales and Foreclosure Resource. With a long career in the housing industry, she is also a Member, Institute of Residential Marketing (MIRM), a prestigious new homes marketing designation issued by the National Association of Home Builders.