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Real estate market sizzles in the summer

As the summer heat sizzles, the Loudoun real estate market is also heating up.

Loudoun’s median sales price increased 5 percent in June compared to May, reaching $388,995, according to RealEstate Business Intelligence. The median sales price is also up this year compared to the previous June by 5 percent.

Eastern Loudoun’s median of $390,000 in June was up from its May median of $361,000 – yet it still trailed Leesburg and western Loudoun’s median sales prices. Leesburg’s median increased from $410,000 in May to $420,000 in June, while western Loudoun led the pack with the highest median sales price – $440,000 in June, up from $435,000 in May, according to Loudoun housing analyst Rosemary deButts.

Despite the uptick in median home sales prices, however, the volume of homes sold year-to-date still floats below the averages of the previous six years, according to deButts.

The number of homes sold in June increased by 35 percent compared to May, but fell year-over-year by 7 percent. Last month, 546 homes were taken off the market compared to 404 the previous month and 586 in June 2010.

Although June had a strong sales rally compared to the previous months this year, the year-to-date sales in 2011 are still faltering. To put it into perspective, year-to-date sales in 2011 total 2,287 compared to 2,559 in 2008, 2,815 in 2007 and 2,782 in 2006.

So far this year, the largest share of the 2,287 new and existing homes sold so far in 2011 were priced between $200,000 and $399,999, totaling 44 percent, according to deButts. Again, May and June warmed up the market for high-priced homes. Nineteen homes priced higher than $1 million were sold those two months, which is unprecedented in recent history, according to deButts.

For the fifth consecutive month, the number of short sales and foreclosures declined. Distressed properties represented 20 percent of the 553 preliminary sales in June – a decrease from 28 percent in May and 30 percent in June 2010. 

The Washington, D.C. market

The Washington, D.C., metropolitan market was the most active in June than it has been within the last six years, according to RealEstate Business Intelligence.

Throughout the region, buyers and sellers signed 5,124 contracts in June, the most for that month in six years. Pending sales also jumped 30 percent year-over-year due to last year’s sharp decline in activity immediately following the expiration of April 2010 federal homebuyer tax credit, according to RBI.

The metropolitan area’s median sales prices also reached its highest level in nearly three years. The area’s $379,990 median sales price was 7 percent higher than the $354,000 median sales price in June 2010 and 8 percent more than $353,606 in May.

Additionally, RBI reported that the number of days a home spent on the market fell to a 10-month low of 63 days, as buyer and seller negotiability stabilized. Days on the market is measured by the number of days between the original listing date and the contract date.

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Comments


Great.  Everyone can thank Christopher for the POS renters they have in their neighborhood driving down property values.

Anyone with basic research and negotiation skills can get a good price on a house.  You are just successfully losing 5% on every sale.  The realtor appreciates the Lexus you bought him.


I’m not even an agent and thing you all are morons. Do it yourself, but you will get screwed when purchasing property. Do you think the attorney is on your side? If you do, you are smoking crack. A buyer’s agent is looking at your best interest the seller is paying them. I buy about 4 homes a year and would never think otherwise. It’s so funny to read these comments…I know most of you got screwed because you thought you knew what you were doing. I know own 27 properties and rent them out in my LLC…good luck to all of you thinking you can do better.


Realtors are terrible and shouldn’t even be apart of the process anymore.  I had one try their hardest to get me to buy a house I told them I couldn’t afford, and they also though an 8% loan was a “great rate”.  I ditched their mortgage guy and got 5.25% through another bank.  Never again and it certainly isn’t worth their cut of the sale.


Last time I moved, I did FSBO. 

I offered a flat $3.5k commission to a buying agent who physically brought someone to my door and bought the home.  The house was $700k.  There is no reason they should make 2.5% of that.  That is insane.

I also bought without an agent and happily saved about $20,000.  The seller had a listing agent, but I made them put that 3% towards my purchase price after negotiating a fair market price.  I used the internet to find the house, the internet to research transaction prices in the neighborhood, and did general research on the neighborhood with my own two eyes.  I knew the neighborhood was nice, I knew how the market was pricing homes in the area, and I found 2-3 homes I liked to check out.  That work wasn’t even worth the $3.5k I paid that buyer’s agent.

I hired an attorney who handled both transactions for me.  Why would I want anyone but an attorney to deal with contractual issues?


Agree with Todd.  I saved a bunch by finding my own properties and researching price. Realtors don’t even do any of the important stuff that will really cost you like the home inspection or loan.


What is 5% of $500k? 

The money you can save by kicking the antiquated profession of a real estate agent out of your home buying process.  An attorney for the contracts, internet for the listings and research, and home inspector are all you need.

All the agents want to do is fluff up the sale price while pretending to be your advocate.  Personally, I am enjoying the movie room I paid for with the commission I didn’t pay to a real estate agent.


Nice marketing piece Loudoun County realtors and developers.  Must be time to start hawking your wares again.  What happened, did Toll Brothers buy up all the land they need for the next round?  Line ‘em up!!


.... and in response Loudoun County raises assessments even higher to get more property tax money out of us (even though the assessments are already artificially inflated).


I like my McMansion. I want it to look like my neighbor’s homes. it makes it easier to pick out the lunatics down the sreet.


I will say, yep this is paradise, a school system in disaster mode. horrible roads. and for the privilege for buying a home with no design or personality and you can even buy multi million dollar homes that look like every third home in the neighborhood and even those homes have no design or personality.

When people pull up to my home and the one on the other corner they wow these are the only beautiful and different homes in the neighborhood. And they say what is up with all these mostly red brick and some white brick expensive ugly boxes in your expensive neighborhood??????? And many so wrongly landscaped that now you even hardly see those homes and that cute little tree against their foundations will soon have roots penetrating their basement walls and of course then these people will believe when their basement fills with water they have a indoor swimming pool. ha ha ha ;-)


I agree with John.  There are three homes for sale near my place.  One has been on the market for two months, and is at a price that screams short sale.  These are 3 ear old townhomes and I’ve seen no action with them.

If one thing is clear about America over the past decade, it is that the rich keep getting richer (thank the GOP), so I am not surprised an “unprecdented” number of million dollar homes sold.  There is the reason for your boost in median home price.

I too am sick of seeing what amounts to a real estate agent presser in the LTM.


Must be a big expansion of the government and government contractors going on, who else in their right mind would move here. ;-)


I am wondering how much the local real estate agents paid to get this article in the “paper”? If houses are not going to sell in June, July, and August…when else will the sell. Most parents try to get moved in before the school season starts in September.

As for the medan prices going up…big deal more expensive houses sold. Volume of sales slowed down because there is not so much new construction.

I wouldn’t buy anywhere in LOCO. I heard in the nice parts of Fairfax county houses are selling in less than a week and some are being bidded over asking price. Places like Bethesda, Vienna, and Mclean didn’t even really see a housing slump.

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