Loudoun Market Update-July 2005

August 29, 2005

Does the bubble have a leak? It appears it does...inventory is going up, sold units are going down, average days on market edged up slightly in July and sellers are accepting a little less. A disaster? Not yet. Part of this is seasonal. I expect to see activity pick up after mid September. Maybe not as strong in the past. We have definitely lost sight of "normal." Properties are selling, not for expectations and, it is taking a little longer. Pristine property will sell first.

Job growth is still strong in the Washington region. This should keep demand relatively strong. We see the current sluggishness as a normal market reaction to commodities (housing is a commodity) being in an over priced condition. Sellers need to temper their expectations.

Here is the latest from the local REALTOR® association:

2005 Loudoun County Monthly Sales Statistics
Month	Residential Units Sold	Average Sales Price	Median Price	Average Days on Market	Active Listings	New Listings This Month	New Pendings This Month	Average S/P as a Percentage of L/P
January	508	$469,168	$419,900	31	714	439	557	98.69%
February	485	$462,467	$429,000	30	908	720	678	99.15%
March	698	$501,491	$450,500	24	930	1007	808	99.84%
April	760	$525,525	$470,000	23	1259	1298	898	99.67%
May	799	$515,239	$475,900	14	1486	1295	942	100.28%
June	994	$547,057	$491,000	21	1779	1485	802	99.47%
July	788	$550,128	$482,250	22	2067	1395	736	98.97%
August
September
October
November
December
Metropolitan Regional Information Systems, Inc.   ::    Last Updated on 08/11/2005

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