UNOFFICIAL November Data
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December 5, 2005
It is very interesting to watch the market the last few months. Some say bubble bursting. Some say moderation. You be the judge. The UNOFFICIAL market data for Loundoun County is now in the sidebar.Comparing November to October yeilds some interesting trends. Solds are down by 200 units but new listings are down dramatically, from 1,302 to 794! Active listings declined by nearly 300 units. Average sold price is still up 15% for the year while the average days on market rose to 47 days for sold listings.
The average sold price is down from last month but still 15% higher from the first of the year. Condos and townhouses are starting to move.
I said it before: The Loudoun market is past it's peak and is normalizing. Price appreciation will continue to erode until the fear of buying at the top subsides. We will probably not see double digit year to year price increases as we have the last few years. Supply and demand still drives the market. The regions economy is growing, new jobs are being created at a brisk pace and there is still a shortage of housing inventory across the entire region.
If you have owned a home for more than 2 to 3 years, you still have plenty of appreciation.
Notes: Closings the last couple of days in the month may not yet be posted to the MLS. The data includes "new construction" sales and is consistently unreliable. Data does not include land and lot sales.
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