As we have all heard zillion of times Loudoun county in Virginia is a richest county in the country. Well when it comes to real estate market it does show why we are strong market. Irrespective of the new construction the Loudoun county area, resale market is progressing at a steady pace.
Three things that can summarize all about the Northern Virginia Real estate market:
Increase in median sold price compared to last year of May 2011.
Continuous shrinking inventory of new listings(April down -9.3% & May -4.1%).
And
Number of distressed property sale (foreclosures and short sales) is at the lowest level.
Continuous shrinking inventory of new listings(April down -9.3% & May -4.1%).
And
Number of distressed property sale (foreclosures and short sales) is at the lowest level.
The increase in the price of the home is across the DC metro area. Here is a chart with year to date in all the major jurisdictions.
Bottom line: Is this the cause of the spring and summer market or things will slow down as the summer housing market tapers off? Lack of inventory has caused some panic in our market. Home that are priced right are getting under contract right away others that are too aggressively price will need adjustment to attract right buyer for their home. Buyers are savvy and caution. Lower interest rate, high rents and strong job market continuous to keep housing market health in Northern Virginia area.
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