Local Home Sales - Eastern Loudoun / Western Fairfax County, Virginia
March 2008
| Area |
# |
% Chg |
% Chg |
Average |
% Chg |
% Chg |
| |
Homes |
Last |
Year |
Sale |
Last |
Year |
| |
Sold
|
Month |
Ago |
Price
|
Month |
Ago |
| |
|
|
|
|
|
|
| Ashburn / Broadlands / Brambleton |
96 |
16.7% |
-57.3% |
$412,595 |
-9.8% |
-25.8% |
| |
|
|
|
|
|
|
| Great Falls |
18 |
66.7% |
0.0% |
$1,823,800 |
7.5% |
24.4% |
| |
|
|
|
|
|
|
| Herndon |
69 |
33.3% |
-20.3% |
$399,125 |
8.0% |
-30.4% |
| |
|
|
|
|
|
|
| Leesburg / Rivercreek / Lansdowne |
81 |
29.6% |
-67.9% |
$465,089 |
-6.5% |
-18.8% |
| |
|
|
|
|
|
|
| Reston |
77 |
13.0% |
-75.3% |
$409,565 |
5.1% |
-18.2% |
| |
|
|
|
|
|
|
| Sterling / Potomac Falls |
100 |
20.0% |
-6.0% |
$313,205 |
-7.0% |
-36.9% |
| |
|
|
|
|
|
|
| Chantilly / Oak Hill / South Rding |
54 |
16.7% |
-44.4% |
$440,270 |
-14.7% |
-23.5% |
Summary: The number of home sales in our local area picked up significantly since February, making this a more normal "Spring Market." First-time home buyers and others who did not have another home to sell had the advantage of extraordinarily low home prices plus very favorable interest rates. FHA loans are becoming more popular as the maximum FHA Loan Limit was raised to $729,750 for most of the Washington Metro area. The down payment for first-time buyers qualifying for an FHA loan remained at 3%, making it relatively easy for new buyers to get into high-quality homes at bargain prices. Home sellers who still have some equity in their homes are frequently subsidizing the buyer's closing costs - sweetening the deal even more. Average sales prices continued to decline in Loudoun County since February and by double digits in both Loudoun and Western Fairfax since a year ago. For more real estate news updates visit www.JoanDeSantis.com
Data Source: Metropolitan Regional Information System - Copyright 2008
View homes for sale at www.JoanDeSantisHomes.com
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