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Loudoun real estate market heats up

Loudoun’s real estate market hit new heights in April.

More than 400 residential homes sold in April, the most recent numbers reported by Rockville, Md.-based Metropolitan Regional Information Systems, Inc. This is the first time in 2011 that more than 400 homes were sold in one month. In January, 251 homes were sold compared to 272 in February and 339 in March.

The average ticket price on a Loudoun home was $418,809 in April. This is up more than $15,000 from the previous month’s average of $404,166. January’s average sales price was $314,950 and the average for February was $410,388. The average sales price in April 2010 was $377,731; $352,578 in April 2009; and $393,135 in April 2008. The April average sales price hit its peak in 2006 at $532,373.

Median sales prices are also steadily increasing month-over-month this year. In April, the median sales price was $370,000 – up $10,000 from March ($360,000). The median was $314,950 in January and $354,250 in February.

In April, the close price to the original listing price ratio of a home climbed to 95 percent for the first time this year, which matched the ratio for the last six months of 2010, according to Loudoun housing analyst Rosemary deButts.

DeButts also pointed out that some parts of the county are under supplied on for-sale homes. The market is considered to be in equilibrium, when there is enough supply to meet demand, when the month’s supply of inventory is around four or five months, according to deButts. Loudoun’s month supply of inventory decreased to 3.6 months in April from 4.1 months in March.

Supply was especially constrained in eastern Loudoun during April with only 2.6 months worth of available inventory, according to deButts. The month’s supply of inventory in eastern Loudoun in March was 3.3 months. Western Loudoun had the highest inventory level, 9.1 months, up from 8.7 months in March, according to deButts.

Spotlight on Purcellville

Two homes were sold in the Villages of Purcellville in April, bringing the total homes sold in that subdivision to four in 2011, according to deButts.

The median sales price so far this year is $339,000 in the subdivision – 14 percent below the 2010 median. The two April sales had vastly different sticker prices; one sold for $339,000 and the other sold for $409,000.

As of May 17, five homes are for sale in the neighborhood. The homes range average in price at $365,340. One pending listing, a short sale, sold in 16 days with a price of $325,000, according to deButts.

Comments


Sounds like the Realtors are fudging the numbers.  I haven’t seen any rise in transaction prices around me.


Great! Now the Treasurer can jack up property assessments and get more money out of us

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