The time may be here to put your place up for sale.
Many Loudouners held off selling their home in hopes of recouping some of the value lost during the housing bust. But, they may not have to wait much longer as the tide may be turning in favor of home sellers.
During the second quarter of 2010, the average home sales price in Loudoun reached $407,580, a 10 percent increase from the same time period last year, according to a report released by Rockville-based Metropolitan Regional Information Systems.
Likewise, the county’s median sales price shot up 13 percent in June 2010 ($390,000) compared to June 2009 ($345,000) and 7 percent compared to May 2010 ($364,900). This is the highest monthly median sales price since December 2007 ($410,000), according to housing analyst Rosemary deButts.
Ten of Loudoun’s 15 ZIP codes posted a median sales price that exceeded $400,000 in June 2010. Sterling’s 20164 ZIP code ($275,900) was not one of them. Waterford garnered the highest median ($545,000), a 98 percent difference compared to Sterling’s median, according to deButts.
Not all signs are pointing upward. The average sales price in the second quarter of 2010 is still down substantially from the peak in the third quarter of 2005, according to the MRIS. Additionally, for the first time since March 2010, the number of homes sold in June (517) was less than those sold in June 2009 (568).
Still, the average sales price recovered from its low point in the first quarter of 2009, rising 22 percent since that time.
The average time a house sits on the market is stabilizing, which could be an indicator that the market is healthy, according to deButts. Houses flew off the market after just 44 days on average during the second quarter of 2010, which is a significant decrease from the high of 134 days in the first quarter of 2007, according to MRIS.
Loudoun was hit hard and early by the housing downturn in the metro area, according to the report. However, the county’s fundamentals continue to show signs of improvement as the metro-wide recover continues.
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Yes the business development will be one of the reason of estate price getting higher.
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Grateful I tripped into this article! Finally, arrived what I followed seeing for to invest on my school report… Thanks for partaking this.
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@Susan - Take a moment to read the Terms of Service. Your Don Saunders blurb seems to be a violation, in my opinion.
“contains any advertising, promotional materials, “junk mail,” “spam,” “chain letters,” “pyramid schemes,” or any other form of solicitation. ”
Curb appeal is key, make your home stand above all others with a beautiful lawn. Its not expensive and you can do it yourself. Saunders, a Loudoun County business owner for 16 years offers Order on Line in his new shopping cart, now you can place your order online at any time of the day or night. Next day delivery available. Don’t know how much to order, use his convenient calculator.. Don Saunders will be glad to answer any of your questions! By the way he has an A+ rating with the Better Business Bureau! Make your home stand out!
I will use the 20175 Zip Code for some fun:
Median List Price of a home for the past year is $450K. Median Sales Price of a home during the past year is $384K. Reality Bites!
Median Household Income in Loudoun is $111K
If you wanted to stick to buying 3X your income, the median house price point would be $333K. Incomes should dictate market price….not financing. Do away with gov’t backing 97% of the loans being originiated today and the propping up of prices and home prices will fall in line to incomes.
Small businesses and other business will continue to fail and go out of business, why? Cause residents of Loudoun Cty are forced to pay a dispaportionate amount of income towards housing and are what we like to call HOUSE POOR.
Any rise in the second quarter will likely be wiped out and the third quarter will show the blood bath that followed the buyer tax bribe, er, I mean credit.
Hence why I won’t use a real estate agent. I can find the listings on my own. The only professionals I need are the home inspector and a lawyer.
You are exactly right Alby. The percentage they make in a high cost of living area like this is ridiculous and not equal to the value of the services. I’d spend a couple grand for someone to do the research legwork for me. Not $13.5k on a $450k home.
The fact that people rely on folks who took some industry certification class to help them conduct a half a million dollar transaction is mind boggling. Get an attorney for the legal stuff and a home inspector for making sure you aren’t buying a “lemon”. Use the money you save on new carpeting or something nice for the new place.
M - “Of course the people who run MRIS would love everyone to start buying and selling again and a real estate agent will tell you whatever you want to hear. “
Speaking of Real Estate Agents, they are the scourge of the earth. What’s this crap about 3% for the Buyer’s Agent and 3% for the seller’s agent? Who gives these real estate agents the right to take 6% on every home sale? The whole MRIS/MLS bit is a monopoly that should be broken up by the Feds for Anti-Trust violations.
When a home is sold for $100k, those agents split $6,000. If that same house then sells for $1,000,000, they split $60,000. Yet what did they do for that extra $54,000 bonus? A home sale, is a home sale. Yet the higher the price, the more money the real estate agents get out of the deal.
We The People need to rise up, form a type of decentralized marketplace where buyers and sellers get the information they need to begin negotiations on selling their property. We don’t need the Remax’s of the world acting as middlemen.
Or if wages actually kept up with housing costs, maybe more people could buy and prices would be a bit more stable. Unless you bought at pre-2000 levels, you need to be pulling in a strong salary to buy even a townhome in Loudoun. I was in HS in 2000, so buying a home wasn’t an option for me. Luckily I make enough to afford a house, but most others under 30 (or 40 for that matter) didn’t get a chance to buy before reckless lending propped everything out of reach.
Today’s prices are still inflated from the past decade and there are at least two more years worth of people with “creatively” financed homes that will be forced to deal with reality and will keep prices stagnant. I wouldn’t start checking out HELOC rates just yet folks. Of course the people who run MRIS would love everyone to start buying and selling again and a real estate agent will tell you whatever you want to hear.
I’m waiting for the excess money being pumped into the economy by the Fed to create inflation and just run up the sell price numbers on homes. I think the only solution to the housing glut is either a massive baby boom and we’ll have to wait 20-30yrs before demand picks up. Or we can just inflate our way to higher prices, although the banks will feel the pain.
Nonsence - prices are falling, homes are staying on the market longer, sell if you can, hold if you can, it gonna get worse.
Why single out Sterling 20164?
Lets keep the business development coming to Loudoun County. Business employment will drive housing demand. And housing demand will drive real estate prices higher.
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