Loudoun County Housing Analysis 2011 03Posted: April 13, 2011
Loudoun’s Housing Market Limps into Spring
April 13, 2011
Contact: Rosemary deButts, REALTOR, MIRM 540/338-2212; email@example.com
For immediate release
(Purcellville, VA) – The housing market in Loudoun County was lethargic in March 2011. Even with slightly more active listings than at this time last year, sales which should skyrocket in March only advanced 21 percent compared to February 2011. Preliminary total unit sales advanced to 347 units from February’s revised 288 units. Sales in Eastern Loudoun accounted for an unusually low 60 percent of Loudoun’s total sales last month. About 50 percent of Loudoun’s sales so far this year were priced between $200,000 and $399,999.
For the second month, the median sales price advanced – .6% to $362,170 in March from $360,000 in February. The median in Eastern Loudoun was $349,900; it was $375,000 in Leesburg and $410,000 in Western Loudoun – all increases over February.
Average seller subsidies decreased 16 percent in March to $3,248. Compare that to the 2010 annual average of $3,814.
About 62 percent of the 111 total distressed sales in March were short sales, 38 percent were bank owned properties. The total share of distressed sales was 30 percent, down from 39 percent in February. The share in Eastern Loudoun was 34 percent; it was 26 percent in Leesburg and 24 percent in Western Loudoun.
The days on market indicator declined in March to 77 days, after reaching a two year high in February. The 2010 monthly average was only 54 days. Three units sold in March that had been on the market for over two years. Four of the nine sales in March that were on the market at least a year were in Western Loudoun.
The average close price for Loudoun’s detached homes last month was $503,952; it was $301,220 for attached units and $158,385 for condominiums. The 2011 average close prices for detached and attached units are 2-3 percent below the 2010 average but condominium prices are 7 percent below last year’s average.
Pending listings advanced 24 percent to 512 in March from 413 in February. This figure lags well behind last March though (probably as a result of the First Time Buyer’s Credit in 2010). The number of active listings grew 29 percent last month and is actually slighly higher than the figure from last March. The month’s supply of inventory was 4.2 months in March, up from 4.0 in Febuary and 3.1 last March. The available inventory in Eastern Loudoun was 3.4 months; it was 4.0 months in Leesburg and 8.9 months in Western Loudoun.
The average close price to original list price ratio recovered in Western Loudoun from 76.3 percent to 88.7 percent. Eastern Loudoun sellers garnered 95.7 percent of their asking price in March and in Leesburg, the ratio was 94.9 percent.
Purcellville based real estate consultant Rosemary deButts summarized, “I had higher hopes for sales activity this month. Although the figures are respectable, the market did not have the banner month we need to regain headway lost after the First Time Buyer’s Credit expired last summer.”###