REAL ESTATE STATISTICS LOUDOUN COUNTY LUXURY HOMES FOR JULY 2013
These statistics are a reflection of July 2013 Statistics for Loudoun County Homes for Sale in the $1-2 million dollar price range on less than 5 acres. If you would like to see more specific statistics for your area, i.e. a different zip code or a specific price range and geography please click here and make your request.
LOUDOUN COUNTY LUXURY HOME SALES IN JULY 2013
In July 2013 there were a total of 7 homes sold in this price range in Loudoun County This was down from the 8 June sales. Of those sold 6 were single family homes and 1 was a townhome.
LOUDOUN COUNTY LUXURY HOME AVG. SALE PRICES IN JULY
The average price for these homes was $1,151,143 up 2% from from the previous month. Don't get hung up on the change in average price, its a small sample size and not statistically significant.
AVERAGE DAYS ON THE MARKET FOR LOUDOUN COUNTY LUXURY HOMES FOR SALE IN JULY
The Days on the Market for July averaged 17 days; down from 76 days from last month.
ABSORPTION RATE STATISTICS FOR LOUDOUN COUNTY LUXURY HOMES FOR SALE JULY 2013
So what is absorption rate? Absorption Rate is how many homes are sold in a given period of time. So if 120 homes sold in the
last 12 months, then the absorption rate is 10 homes per month. So why is this important? It is only through absorption rate that one can define a market in terms of a Sellers Market, Buyers Market or a Balanced or Normal Market.
WHY IS ABSORPTION RATE IMPORTANT?
Because it determines how quickly homes move on and off the market....and you want to know that right? So you know how long it will take you to sell your home if priced properly, so you can make that move for your job, or buy that move-up home, or be able to predict with some level of certainty how long you have to keep your house clean and have people going through it when you have it for sale.
LOUDOUN COUNTY LUXURY HOME REAL ESTATE STATISTICS - ABSORPTION RATES
Okay so the absorption for Townhomes is: 5 sold in the last 12 months or .4 per month, this can be due to constrained supply in that, there are not many $1 mil. plus townhomes and usually they are in River Creek. The absorption rate for Single family detached homes is: 44 sold in last 12 months or 3.7 per month.
PUTTING IT ALL TOGETHER!
So to make sense of all this you need to know the current inventory of homes so, as of August 16th here is the scoop! There are 3 Townhomes on the market which represents about 7 months of inventory and there are 52 single family homes on the market that represent about 14 months of inventory, down from almost 17 months in June!
According to the National Association of Realtors:
A Sellers market is defined by 1-4 months of inventory
A Normal Market is defined by 5-6 months of inventory
A buyers Market is defined by 7+ months of inventory
So the townhome segment of the market has moved into a Normal Market and the Single Family Detached segment continues to be a strong Buyer's Market with just over a years worth of inventory.
OTHER INTERESTING SALE FACTS:
- The average seller concession was $2,648 with a low of zero and a high of $25,000.
- The average Days on the Market over the last year was 95, not bad for this price range.
- Homes sold for 94% of their list price...so its important to price homes properly from the start.
- Of the 49 homes sold in the last year in this price range 7 were distressed sales or about 14%, which is higher than the stats for all price ranges in the county.
WHO DO YOU KNOW THAT NEEDS HELP SELLING (or buying for that matter) A HOME RIGHT NOW.....PLEASE GIVE US A CALL SO WE CAN HELP!
Thats about it for now for Loudoun County Luxury Home Statistics for July. See you next month!