Loudoun Market Update-December 2005

January 12, 2006

All the market data; all right here. "Official" market stats were published yesterday by the various regional associations. We focus on extracting data for Loudoun county for our Snapshots and Trend Charts (see sidebar). December reports from The Northern Virginia association follows:

Housing Reports | December 2005 | Single Family Detached Homes

• Fairfax County
• Fauquier County
• Loudoun County
• Prince William County

(Each of the above links will open a 1 page PDF file.)

The dramatic inventory rise continues to reverse course. Open the Loudoun PDF file above. Here are the significant highlights:

• Sold and Under Contract (Pending) housing units exhibits a sharp uptick.
• A seperate data extraction shows New Construction closed sales almost always doubles in December (see New Construction Sales Trends graph). 24% (171 of the 710 closings) of the closings in December were New Construction sales.
• The average sales price is influenced by the New Construction closings (New Construction prices are typically higher as builders are selling more homes in the $750,000 and up range).
• Average Days On Market is down by 10 days also influenced by New Construction closings as most of these are posted in the MLS after the fact with 0 days on the market.

History shows a downward trend in January of each year after the December surge. This trend should repeat itself this month with a decrease in units sold.

At our monthly brokers meeting this week, agents are reporting more buyer activity. It remains to be seen if this turns into ratified contracts this month.

Here's the latest from our local association:

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The above table for Loudoun County includes "All Property Types."

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