Average Days on Market 2011 05Posted: June 29, 2011
Days on Market Down by 20% in May
The preliminary average days on market in Loudoun County decreased 20 percent from April to May 2011, reaching a six-month low of 58 days. However, it was 35 percent higher than the average last May. (It is important to remember though that the First Time Buyer’s Credit was in full swing at this time last year.) Also, 246 of Loudoun’s 400 sales in May (62 percent) had contracts within 30 days of listing.
The Western Loudoun average days on market was 156 days in May, up from 124 in April (41 percent sold in 30 days or less). In Leesburg, the average days on market during May was 61 days (down from 77 in April) with 57 percent at or below 30 days. The average in Eastern Loudoun was 39 days vs. 62 in April with 67 percent sold in 30 days or less last month.
The average days on market is determined by calculating the number of days from list date to contract date for individual sales, aggregating them and dividing the sum by the total number of sales in a given month.