Loudoun Sells Again

sold-on-house-keychain.jpgLoudounTimes.com is reporting that things are looking up for Loudoun’s real estate market. Here are the stats, as provided by the Dulles Area Association of Realtors (DAAR):

  • 553 Loudoun homes sold in June, the highest number since December 2005 (Loudoun’s market peaked in 2005).
  • Loudoun’s average sale price in June was $418,038, up from May’s average of $398,041. 

The Times article also cites a report by Fulton Research and Consulting (a Fairfax County real estate analysis company) as evidence that things are improving. The highlights:

  • Sterling Park, which has had the highest foreclosure numbers in Loudoun, experienced tremendous gains in June. In the 20164 ZIP, 101 homes sold; that’s a 94% increase over June 2007.
  • The second-biggest increase was in Ashburn’s 20148 ZIP, which saw a 42% sales jump from a year earlier.
  • The number of homes currently on the market in Loudoun has dropped 25% from last June.
  • The average days on marked dipped below 100 days for the first time since August 2007. 

Several readers downplayed the importance of the statistics presented in the article, commenting that the increases are due to the seasonal sales boost usually experienced at this time of year. Although I agree it’s smart to exercise caution before proclaiming the crisis is over, I think the commenters neglected to give proper credence to the fact that the number of homes sold was the highest since December 2005. We’ve had 2 summers since then where the number of homes sold in a month didn’t break 550, so the argument that the numbers are skewed by the summer selling season doesn’t really wash. I stand by my argument that buyers in Loudoun have simply been biding their time, making sure that they’re not going to lose money before they decide to take the plunge. Whether you like my version or not, you can be sure of this: The tighter, stricter, more rational lending practices that we’re seeing now means that the people buying in Loudoun this year are more likely to be able to keep their homes in the future. That’s something that all of us can feel good about.

  • jughead

    Wow, those sales figures are indeed good news. I’ll keep my fingers crossed that this marks the beginning of a new, more responsible era of real estate investment in Loudoun.

  • Kira

    We can certainly hope!

    Thanks for stopping by.

  • Jaime

    Hopefully we are seeing a change in the current trend. Good blog.

  • http://washingtondc.redfin.com/blog/category/Loudoun_county Kira

    Thanks!

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