Here is the first look at just how bad the real estate market is in Loudoun County. The table below compares sales numbers for this December against December of 2006.
| Loudoun County | ||||
| December Sales Statistics | ||||
| 2007 | 2006 | (+/-) | % | |
| Houses Under Contract | 229 | 341 | -112 | -32.8% |
| Median List Price | $364,450 | $429,900 | -$65,450 | -15.2% |
| Average List Price | $426,173 | $516,346 | -$90,173 | -17.5% |
| Final Sales Price | $406,995* | $499,148 | -$92,153 | -18.5% |
* Projected price based on current sales price of 95.5% of average list price.
As you can see, the numbers are down across the board. Units Sold is down almost 33%. Sales prices can be looked at any number of ways but they all point to a drop of 15% to 18% for Loudoun County.
Another trend that everyone is well aware of is the increase in distressed properties that are on the market. But just how much of the total marketplace is now made up of sales in distressed properties is very alarming.
In December of 2006 only 9 properties that sold were identified as either foreclosed, short-sale, reo, bank owned or in some other way distressed. This represented less than 3% of the sales that month. In December of 2007, 79 of the properties that went under contract were identified in the mls as being distressed. This represents a staggering 34.5% of the marketplace.
For more information about Loudoun County real estate market statistics, check out Loudoun Stats. For more information on foreclosure/REO, short-sale and distressed properties in Loudoun County, check out Loudoun Foreclosures.
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