Image: Panoramic view of Ashburn (photo credit)
Finally, a little bit of good news to go along with the not-so-good! Although Loudoun County home sales were down by 1/3 (or 29%) in the 1st quarter of 2008 as compared to the 1st quarter of 2007, Loudoun still fared better than the rest of Northern Virginia, where home sales were down by 36%. During the same period, Loudoun’s average sales price dropped from $514,436 (2007) to $420,111 (2008), a decrease of 18%. Overall, home sales in the state fell 26% and the average sales price decreased by only 5%.
I found this information in an article on LoudounTimes.com, which cites a report from the Virginia Association of Realtors. I couldn’t locate the exact report the article pulls its numbers from, but I did manage to find a similar report that provided some interesting data. The report states that even though prices have fallen 21% in Loudoun as compared to last year (which should, theoretically, help to get the market moving), the amount of unsold inventory leads the report’s authors to believe that the market will not stabilize for another 10 to 12 months. One thing I’m not clear on is what they mean by “stabilize”; do they mean that prices won’t stop falling until then, or that it’s going to take that long to clean out the inventory surplus, or both? Whatever the case, the report makes for interesting reading even if you’re not a real estate geek like I am, so be sure to check it out.