Loudoun County Real Estate Statistics for March 2012 showed over 800 homes come on the market in March, an 8% increase over last year. But the number of homes that went under contract was up more than 14% over the same time last year. This is leaving a net result of lower inventory, especially in homes priced under $300K. There is typically an increase in the number of homes for sale in the spring. What we are seeing is, if the home is correctly priced it is being snatched up quickly. In fact at a quicker rate than they are coming on the market. Leaving less inventory for buyers to choose from than you see in a typical spring market. The number of homes for sale in Loudoun County is now below a 4 month supply from 5 months this same time last year.
DOM, the average days a home takes to go under contract, is down 16% from last month to 64 days for all home types combined. Broken down further it is 45 days for townhouses and 80 days for detached homes. (What is not included in DOM is the time from contract to settlement). My personal experience in the current market place is there is a real shortage of homes for sale below $400K. As you increase in price above $400K there is more to choose from. Then there is a surplus of properties over $800K. For all homes priced under $600K it is a not a bad time to sell but it still better be in good shape so it sells quickly.
Why not wait a while? If you can great..wait. Prices may go up in the next few years, yes, but analysts say it will not be a quick increase because there are plenty of people who would like to move. Most of them are right on the cusp of having enough positive equity to enable them to sell and not bring too much money to the settlement table. As prices come up more homes will come on the market because of this pent up desire to sell. There is goes again the old demand supply rule at work. Remember that as home prices go up you will pay more for the place you are moving to so if you have equity and want to move go while the rates are low.
Median Sales price in Loudoun County was up slightly while nationally it was down in March 2012. The local Loudoun County Market is very pocketed and in many cases is varying by neighborhood. If you are pondering a move call me and request the recent sales data for your neighborhood. That will give you the true snapshot of your homes current value
For a FREE market report for Loudoun County and all the lastest home sale data for your neighborhood contact Diana Geremia 703-540-5403 or go to LoudounCounty-RealEstate.com. Diana is a local Long and Foster Leesburg Real Estate Agent.