I’ve posted several times since mid-spring that I could see that the market was beginning to move again. Foreclosures were being snapped up and properties that looked good and were priced right were selling within a matter of days. At times, I’m sure I sounded like I thought wishing it would make it so. But it’s obvious to me now that I wasn’t imagining things, and the proof is in the number 594.
There is no hidden meaning to 594; it’s the number of properties on the market in Leesburg’s 20176 zip as of today. But it’s significant because that number reached as high as 656 in May and stayed in that range for at least a month. I’ve been watching the zips I cover (20147, 20148, 20176) carefully since March (checking at least every other day), and mostly what I saw was that the numbers would drop after the weekend but then spike up past the previous Friday’s number by Thursday. Some weeks, there was no drop after the weekend at all. For a while, it seemed like one house would find a buyer, but three more properties for sale would take its place. Over the past few weeks, I’ve watched the numbers steadily decline but have waited to post my findings because I didn’t want to jump the gun. The fact that the numbers continue to go down even in July, which is typically one of the worst months to sell a home, is telling to me. I’m sure some of the decline is attributable to sellers taking their homes off the market, but I spend a lot of time driving around Eastern Loudoun and have been heartened by the number of “Sold” signs I’ve seen. Regardless of the reason(s), fewer properties on the market in Eastern Loudoun is definitely not a bad thing.
Just because I’ve focused on 20176 doesn’t mean that 20147 and 20148 also aren’t doing better. I found the decline in 20176 to be more noteworthy because 20176 has 2 to 3 times as many houses on the market as either of the other zips, the drop in properties for sale was more dramatic, and 20176 hadn’t been performing as well as the other 2 zips in terms of days on market and number of properties sold. I’m going to be analyzing sales stats next week for all 3 zips, and I’ll be interested to see how each performed. Be sure to check back.
Image: Aerial view of Leesburg. Photo courtesy of Loudoun Convention and Visitors Association.