Loudoun County Housing Market Overview 2011 02Posted: March 9, 2011
Loudoun’s Housing Market Ready for Spring
March 9, 2011 Contact: Rosemary deButts, REALTOR, MIRM
For immediate release 540/338-2212; email@example.com
(Purcellville, VA) – Loudoun County’s housing market performed well in February 2011 compared to other sub-markets in the metro DC area, particularly compared to Maryland counties. Preliminary total unit sales advanced 7 percent over January’s revised results to 274 units primarily based on the 10 percent increase in monthly sales in Eastern Loudoun. Since Eastern Loudoun accounts for roughly 64 percent of Loudoun’s total sales, its ups and downs have the largest effect on the total. Over 50 percent of Loudoun’s sales were priced between $200,000 and $399,999 this year.
The median sales price advanced to $360,000 in February after two months of declines; it was up 11 percent from January and 6 percent from last February. The median in Eastern Loudoun was $330,545; it was $327,500 in Leesburg and $399,000 in Western Loudoun.
Average seller subsidies increased 12 percent in February to $3,985. Compare that to the 2010 annual average of $3,750.
About 61 percent of the 105 total distressed sales in February were short sales, 39 percent were bank owned properties. The total share of distressed sales was 38 percent, down from 43 percent in January. The share in Eastern Loudoun was 41 percent; it was 30 percent in Leesburg and 38 percent in Western Loudoun.
The days on market indicator rose in February to 86 days, the highest average since March 2009. The 2010 monthly average was only 55 days. Four of the five sales in February that were on the market at least a year were in Western Loudoun. One property sold in Round Hill for $4.5 million and was on the market 861 days.
The average close price for Loudoun’s detached homes last month was $530,787; it was $303,851 for attached units and $181,222 for condominiums. All of these are about 2-3 percent below the 2010 average close prices.
Supply is especially constrained in Loudoun County. The 2011 average monthly pending contracts is 22 percent behind the 2010 average even with a 20 percent increase in February. And, the number of active listings declined last month which bucks the usual trend at this time of year. This had a significant effect on the month’s supply of inventory indicator. It fell to only three months in Eastern Loudoun while remaining at 5 months in Leesburg and falling to 8.2 months in Western Loudoun.
The close price to original list price ratio was especially low last month in Western Loudoun (76.3 percent). In Eastern Loudoun it was 96.5 percent and in Leesburg, it was 93.9 percent. As a result, the county’s overall average declined to 91.8 percent, the lowest point since February 2009.
According to Purcellville based real estate consultant Rosemary deButts, “Total sales were respectable in Loudoun County in February given the shortage of available inventory in busy Eastern Loudoun and normal cyclical trends. It’s good to see median prices rebounding as well.”
Rosemary deButts is a REALTOR® associated with Atoka Properties in Purcellville, 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.