LOUDOUN COUNTY HOMES FOR SALE, REAL ESTATE STATISTICS FOR JULY 2013
These statistics are a reflection of July 2013 Statistics for Loudoun County Homes for Sale. 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.
TOTAL LOUDOUN COUNTY HOME SALES IN JULY
In July 2013 there were a total of 664 homes sold in Loudoun County. This was down from the 743 June sales or about 11%. Of those sold 103 were condos; 236 were townhomes and 325 were single family detached homes.
AVERAGE LOUDOUN COUNTY HOME SALE PRICES IN JULY
The average price for condos was $259,107 about the same as the previous month; average price for townhomes was $382,130 down 2% from the previous month; and the average price for single family detached homes was $608,029 up about 3% from the previous month.
AVERAGE DAYS ON THE MARKET FOR LOUDOUN COUNTY LUXURY HOMES FOR SALE IN JULY
The Days on the Market in July for condos was 25, for townhomes was 21 and for single family homes was 38. All three of these statistics are either trending lower or remaining basically the same. That is great news for sellers!
ABSORPTION RATE STATISTICS FOR LOUDOUN COUNTY HOMES FOR SALE
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 Condos is: 781 sold in the last 12 months or 65.1 per month. The absorption rate for Townhomes is: 2322 sold in the last 12 months or 193.5 per month. The absorption rate for Single family detached homes is: 3076 sold in last 12 months or 256 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 19th here is the scoop! There are 107 condos on the market or 1.6 months of inventory; 220 Townhomes on the market or 1.1 months of inventory and there are 660 single family homes on the market that represent about 2.6 months of inventory.
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 to recap: All product lines in Loudoun County are currently in a Seller's Market with low inventory and very low average days on the Market!
OTHER INTERESTING SALE FACTS:
- Distressed sales of condos were 14% of condo sales in the last 12 months.
- Distressed sales of Townhomes were 11% of sales in the last 12 months.
- Distressed sales of Single Family homes was 13% of sales in the last 12 months.
- This Month Seller subsidies for Condos averaged $1,975 with a low of $0 and a high of $10,000.
- Seller Subsidies for Townhomes averaged $2,381 with a low of $0 and a high of $10,719.
- Seller subsidies for Single Family homes averaged $3,185 with a low of $0 and a high of $25,000.
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 Homes for Sale Real Estate Statistics for July. See you next month!