Job growth, uncertainty fuels 12-year low in Loudoun housing inventory
The study found there were 972 homes for sale at the end of the month, down 27.4 percent from the same time last year. Only 1.8 months of supply remained.
The highest median home price, $565,000, came in the Ashburn 20148 area code, followed by $535,000 in the Aldie 20105 area code.
Half the homes sold in January were listed for 33 days or less, which was down 35 percent from January 2016.
DAAR Board of Directors Chair Jackie Lawlor said the low inventory was caused by a “multitude of factors,” including the county’s job growth and people holding off on selling.
“I think it’s a combination of people staying in their homes possibly longer and the number of people moving to Loudoun County for businesses and jobs,” Lawlor said. “I think that people have been waiting for equity in their homes to increase to a point where it makes sense to sell.”
The DAAR chair added a belief that the election caused uncertainty in November and gradually into December.
“So people put off buying and selling, and then all of a sudden in December, things started moving,” Lawlor said. “January was a very quick month with inventory.”
The DAAR report also noted that townhome sales were up 30 percent compared to detached homes and condos.
Other highlights included:
-January's median sales price of $450,000 represents a 2.5 percent increase from last year.
-Loudoun sellers on average received 97 percent of the original list price, 0.6 percent higher than last year and the highest January mark in a decade.
-Despite a jump of 9.4 percent from January 2016, Sterling's 20164 ZIP remains the most affordable in Loudoun with a median sales price of $350,000.
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