Subdivision Analysis: Villages of Purcellville 2011 09 15

Prices on the Rise

Last month there were no active listings in the Villages of Purcellville and there were three homes with pending contracts.  None of those three have settled yet (two are short sales) and their average list price is $318,267.  Whew, that’s low.  The good news though is that three new listings have entered the market with an average list price of $404,000 (none are distressed sales).  It seems that the community had to work through its short sales and now the market is back to a normal level.

There has been no change in the number of closings in Village of Purcellville since August (seven year-to-date closings).  The year-to-date median sold price is $349,000, down 11 percent from the 2010 median.  Sellers in 2011 had more modest expectations than in 2010; original list prices more accurately matched market conditions as seen in a much lower average price decrease.  But, seller contributions increased 43 percent to an average of about $5,000.  The time it takes to sell a home did improve though from an average of 99 days in 2010 to just 50 days through August 31, 2011.

Please call me if now is the time for you to sell your home.  Prices are back!  Let’s take advantage of low supply and high demand.

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Subdivision Analysis: Villages of Purcellville 2011 08 16

No Active Listings = No Competition!

There are no active listings in the Villages of Purcellville.  Three homes have pending contracts with an average list price of $318,267.  Two of the three are short sales and the average days on market was 187 days.

Three homes sold in the Villages in July to bring the year-to-date total up to seven closings.  One sold for $412,000 while the other two sold for $330,000 and $349,000.  The year-to-date median sold price is $349,000, down 11 percent from the 2010 median.  Sellers have clearly moderated their expectations; the average price decrease has escalated dramatically this year compared to last.  Compounding the issue, seller contributions have increased 43 percent to an average of about $5,000.  The time it takes to sell a home did improve though from an average of 99 days in 2010 to just 50 days through July 31, 2011.

Please call me if now is the time for you to sell your home.  Be the only option for folks looking for the small town charm of Purcellville and the convenience of your highly desirable neighborhood.


Old Dominion Valley Subdivision Analysis

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”


Subdivision Analysis: Potomac Station 2011 07 06

 

Potomac Station Homes Selling at Faster Pace than Last Year

Detached Homes

(Leesburg,VA) – Twenty-five detached homes have sold in Potomac Station so far this year. Three of them were short sales and none were bank owned homes (12 percent shareof distressed sales vs. 19 percent in 2010). The annualized pace suggests roughly 60 homes will sell this year, 18 more than last year (+43 percent).  This is remarkable since the First Time Buyer’s Credit is no longer offered like it was in the first half of 2010.   The year-to-date median sales price for detached homes in Potomac Station was $465,000 (as of May 31st).  These homes were originally priced 6 percent
higher than the homes sold last year but were eventually discounted an average of $31,000 before they were sold.  The final result was an average close price not much different than it was in 2010.  However, the average seller subsidy declined 44 percent compared to 2010 to $3,100 or so, which is a positive indicator.  On the other hand though, the average number of days to sell increased 86 percent from 42 days in 2010 to 78 in 2011.

As of July 6, 2011, there were nine active listings and five pending sales in Potomac Station.  Only one of the active listings and two of the pending sales were distressed, all short sales.  The active listings have been on the market an average of 90 days and the pending sales were on the market 72 days, on average.  The current list price is roughly $516,000 for both the active listings and pending sales (+3 percent vs. 2011 average list price at sale).

Townhouses

Confounding expectations like the detached homes, three townhouses sold in Potomac Station per month through May 31st (on average) and at this pace will exceed 2010 totals by four units this year (+12 percent).  The year-to-date median sales price ($280,000) though was 8 percent behind the median in 2010.  Original list prices and average close prices were 5 percent behind those in 2010 but the average seller subsidy declined by 24 percent.  The lower prices apparently contributed to quicker sales, the average days on market in 2011 is only 27 days compared to
37 days in 2010 (-27 percent).   The share of distressed sales (bank owned homes and short sales) though was consistent from 2010 to 2011 at about 60 percent.

 

Seven townhomes in Potomac Station have pending contracts as of July 6th.  They were on the market an average of 34 days, have an average current list price of $304,239 and 57 percent of them are short sales (no bank owned properties).  The nine active listings have been on the market for an average of 35 days, have an average current list price of $330,644 (14 percent higher than the 2011 average list price at sale), and only 33 percent are distressed.  Interestingly, two active listings have had price increases since entering the market.

If you’d like to know what’s going on in your subdivision, call Rosemary deButts at Atoka Properties (540/338-7770, x301). 

 

 

 

 

 


Subdivision Analysis: Hirst Farm 2011 07 05

As of May 31st, six homes have sold in Hirst Farm so far this year. Two of the six were short sales and two were bank owned properties (67 percent distressed). The annualized pace suggests roughly 14 homes will sell this year, 3 fewer than last year.   While still below the 2010 median, the year-to-date median sales price in Hirst Farm was up from $399,000 in April to $409,000 at the end of May (+3 percent).  The average seller subsidy is on the rise though in this community, up 44 percent from the average in 2010 and it has taken 20 percent longer to sell Hirst Farm homes this year compared to last.

As of July  6, 2011, there was only one pending sale in Hirst Farm and no active listings.  The pending sale is a short sale at a current list price of $369,900.  The home was on the market 38 days.

Hirst Farm is clearly a victim of when it was built and the ensuing meltdown of the real estate market.  I specialize in short sales and have a system to make the process as painless and quick as possible.  There is no competition at the moment…a good time to list and sell your home.   Please call me, 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.

Don’t miss my monthly column on western Loudoun housing trends, “The Dirt on the Market”, in The Purcellville Gazette.


Subdivision Analysis: Villages of Purcellville 2011 05

As of June 13, 2011, there were three active listings in the Villages of Purcellville community.  One is a short sale that has been on the market for nearly a year; the price was reduced from $305,000 to $295,000 in late May.  The average list price for the other two homes on the market is $416,900 and they’ve been active for an average of 68 days.  Both of the pending sales are short sales.  The average list price is $292,450 and they were on the market an average of 54 days.


Four homes have closed so far this year – one in January, one in February and two in April.  One was a short sale with a close price of $390,000.  Two non-distressed homes sold for $339,000 and one sold for $409,000.  Therefore, the median sales price is $339,000 and the average close price is $369,250.  These homes were active for an average of 68 days.

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. 

Plus, I’ve moved to Atoka Properties in the Bloom Shopping Center.  Please take a moment to visit me while you’re running errands here in town. Let’s chat about your house.

Look for my new column in The Purcellville Gazette:  “The Dirt on the Market”


Subdivision Analysis: Locust Grove 2011 05