Instead of reporting MRIS statistics like I have for the past 2 months, I decided to poke around on Altos to see what sorts of trends I could dig up. The table below displays what I found. Altos won’t let you search by zip, so the Leesburg numbers include 20175 data, which I don’t usually cover. I also threw in numbers for Chantilly and Sterling this time just for grins, and I was surprised to find that both of those cities had higher market action indices and their properties averaged fewer days on the market when compared to Ashburn and Leesburg. (Market action index is what Altos uses to label an area either a buyer’s or seller’s market; anything below a 30 is a buyer’s market.)
I remembered reading in an article somewhere that Loudoun’s statistics are actually somewhat skewed because of the high number of $1M+ properties. Higher priced properties generally take longer to sell, which would obviously affect both the average days on the market and the market action index in a given city or zip. Although Altos doesn’t provide information on the number of houses in a specific price range, I did a little research on Redfin to see how many $1M+ properties were on the market in each of the cities in the table. Take a look at Leesburg’s stats and see if you can discern why its average days on the market are substantially higher and its market action index is substantially lower than the other cities.
|City||Zips||Median SF Price||Market Action Index||Avg. Days on Market||$/Sq. Ft.||No. of $1M+ Properties|
|Ashburn||20147, 20148||$626, 650||15.06||101||$173||21|
|Sterling||20164, 20165, 20166||$376,295||16.61||88||$181||7|
*All data is as of April 6, 2008
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