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Loudoun's housing market is improving, reports say
Things look to be improving in Loudoun's real estate market, according to two new reports.In June, according to new data from the Dulles Area Association of Realtors, 553 homes sold in the county, the highest amount since December 2005.
The number of homes sold in May also topped 500, making May and June the only months in 2008 to top that mark.
"We think this is the beginning of the recovery," said Jeanette Newton, DAAR's chief executive officer.
DAAR data also showed that the average sale price in Loudoun was $418,038 last month, up from $398,041 in May.
Adding to the positive housing news, a report by the Fairfax County real estate market analysis company Fulton Research and Consulting indicates that Loudoun's most struggling area, Sterling Park, is seeing the biggest gains.
Sterling Park has seen the highest rates of foreclosures in Loudoun. However, the report said 101 homes sold in Sterling Park's 20164 ZIP Code last month, up 94 percent from June 2007.
Ashburn's 20148 ZIP Code saw the next biggest jump with a 42-percent spike in sales from a year earlier.
In addition, the Fulton Research and Consulting report showed that the number of homes currently for sale in Loudoun is down 25 percent from a year ago, while the average length of time the houses are staying on the market has dropped below 100 days, the first time that has happened since August 2007.
"Agents are reporting good sales," said DAAR's Newton. "One open house in Ashburn recently had 25 visitors, which is great," before adding, "We can smile again."
Contact the reporter at jjacks@timespapers.com
It should be noted that people tend to move during the Summer, especially if they have children who would otherwise have to transfer schools mid-year. This can bloat these numbers and they should not be used as a barometer for the current market. One should also look at the rising numbers of foreclosures in the county, with even more homeowners fighting foreclosure proceedings. I suspect this fall the numbers of home sales will do exactly that, fall.
Posted by truthseekerva
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It is good to see the sales increases. Single family home sales improved-- but 53% of the detached single family home inventory (those priced below $600k)is still driving 72% of the sales. This is consistant with last month. Bottom line, the county has a lot of more expensive inventory still to move. I am afraid I don't see the numbers pointing to a "bottom"; rather, a preemptive avoidance of an interest rate hike and, as truthseekerva indicated, seasonal activity. ALSO-- there were more new SFH listings that came on the market in June (483), than were sold (282)-- so we still have a hefty inventory to move through.
Posted by 4truth
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There are a lot of new amateur investors out there messing with these numbers, just like when they did when they ran the housing prices up in the boom then ending in foreclosure. It will be kind of ironic if these new investors end up in foreclosure for buying the previous foreclosures from the same mentality in the boom.
I can tell you with the high gas prices as Loudoun is in the boonies and the road and school problems we are a long way from stable housing prices. Much less going up.
They will fall further until the serious problems in the banking industry are resolved and Loudoun's school and transportation problems are solved and Loudoun can attract Class A business.
Further the airport starting fall is going to see the serious effects of the problems in the airline industry bringing more trouble. Many airline people live here that could lose their jobs and untied is one of loudouns employers.
We a zillion years from recovery if these problems are not solved much less expansion.
Posted by Leej
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Families do move more in the summer because families need to get their children signed up for school so you will see a slight rise in house sales but that is just masking the real problem; the need for affordable housing in Loudoun County. Also look at who is moving to the area and buying new homes. I don't see those stats. So lets be real and not get to excited over a slight increase in home sales until it's been a few years.
Posted by livinginwonderland
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