Report: Loudoun home prices and inventory rise
“According to the report, the number of closed sales in the Loudoun County existing housing market showed a mild increase from last year in April, though new contract activity was down 12 percent for the month.”
The greatest decline came among detached homes, with activity falling by 15.1 percent. Nevertheless, detached homes also saw the largest price increase, of 6.6 percent from April 2013.
“With seller activity gaining over April 2013, as evidenced by a 15.6 percent jump in new listings [the most since May 2007], active supply is now back to 2011 levels. The 10 consecutive months of annual gains in inventory levels are a positive indicator for potential buyers, as increasing inventory could moderate the upward pressure on prices experienced over the last several years.
“That said, the county remains a seller’s market and the median sales price rose 3.4 percent in April to $423,000. Even with this pricing gain, the average sales-price-to-original-list-price ratio decreased from 98.2 percent last April to 97.8 percent in April 2014. While a modest drop, this represents the first month since December 2011 with a lower sales-to-original-list-price ratio than the prior year, another indication that the county’s real estate market may be balancing out to some extent.”
Closed sales, of which there were 511, rose by 0.8 percent between April 2013 and April 2014, a statistically insignificant rise that nonetheless bested the 8.5-percent decrease experienced by Fairfax County. As a whole, active inventory increased by 38.6 percent, with 1,642 active listings in April 2014 (10.6 percent higher than the five-year April average).
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