As we head in to the final weeks of 2017 the latest market update on Loudoun Country’s housing market continues to show strong performance with sellers holding a position of strength amid low inventory and options for buyers. A look through the October 2017 housing data reveals several new trends and shifts in the market for Loudoun.
Last month the county had a 2.3 months supply of available homes, well below the balance point of roughly a five to six months supply. The low inventory would result in lower sales due to the limited choices.
Combine that with a 4.6 percent annualized increase of the median home sale price this past October and things are looking good for sellers and tougher on buyers entering the market.
Graphic: Average Sale Price in Loudoun – Detached & Attached Homes
Despite the challenges for buyers there are still plenty of opportunities and homes are rapidly going under contract with the median days from list to contract dropping to just 21 days last month.
Loudoun’s Dulles Area Association of REALTORS released these highlights of trends from October 2017’s data:
- Loudoun County homes continue to sell faster than last year, with half of the October sales listing for 21 days or less, down from October 2016’s median of 29.
- Loudoun County home sellers received on average 97.3 percent of original list price in October.
- Demand remains for detached homes as the only segment to increase in number of closed sales and pending contracts—up 8.0 and 5.2 percent respectively from last October.
- Loudoun County’s median home sale price reached $455,000 in October—an increase of 4.6 percent on an annualized basis. This is the highest October median sales value in over a decade.
- Slightly more home buyers signed contracts in October 2017 as compared to last October, as new pending sales increased 1.5 percent to 556. This a potential sign of increased sales in the coming months.
Keep that last point in mind. If you’re considering holding off from getting in to the market until the spring you will face more competition whether you’re buying or selling.
Want to find out more about the market? Email me at firstname.lastname@example.org or give me a call at 540-435-7839 and let’s examine your goals and discover your best options in the Loudoun County real estate market!