Home sales on rise, reports say
By Jason Jacks
Things look to be improving in Loudoun's real estate market, according to two reports.
In June, new data from the Dulles Area Association of Realtors show that 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 exceed that mark.
"We think this is the beginning of the recovery," said Jeanette Newton, DAAR's chief executive officer. "We can smile again."
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 increase in sales from a year earlier.
In addition, the Fulton Research and Consulting report showed that the number of homes now 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.
Local agents also are noticing an upswing in buyer interest.
"We are seeing multiple offers on many homes out there now," said Tony Arko, with Loudoun-based Market Advantage Real Estate, adding that lower prices are driving interest, particularly in investors and first-time buyers.
"Some home prices have dropped from $400,000 to $200,000," he said. "We finally got to the price people were looking for."
Contact the reporter at jjacks@timespapers.com