Old Dominion Valley Subdivision AnalysisPosted: August 2, 2011
Significant Improvement in 2011
In all of 2010, only two homes sold in Purcellville’s Old Dominion Valley neighborhood. So far in 2011, four homes have changed hands. Even more important though is that the year-to-date median sales price in Old Dominion Valley is $428,000, $48,000 and 13 percent higher than the 2010 median of $380,000. Last year, list prices were reduced an average of 3.5 percent ($14,500) before receiving a contract; this year the average price decrease is only $2,275 or .5 percent (an 84 percent drop from last year). Average seller contributions have declined 16 percent this year to $6,750. The average time to sell dropped from 113 days in 2010 to 39 days in 2011. One of the two sales last year was a bank-owned property and the other was a standard (non-distressed) sale.
There were only two active listings in Old Dominion Valley as of August 2nd. The current average list price is very low, only $390,300. That’s because one of the active listings is a bank-owned property offered at $370,700. The remaining standard active listing has an asking price of $409,900. They have been on the market an average of 93 days.
The one pending sale is a short sale that had a contract in just fourteen days at a list price of $419,900.
If now is the time for you to move, I would be honored to help you sell your home and/or answer any questions you may have about the real estate market here in Loudoun County.
Look for my new column in The Purcellville Gazette: “The Dirt on the Market”