Loudoun Average Home Price Drops 6.6%
March 2, 2006
We collected the "unofficial" February 2006 market data for Loudoun County, Virginia and the average home price dropped 6.6% from the January 2006 average. Based on number of homes sold and new "under contract" for the month at current inventory levels (homes on the market) there is almost a 4 month backlog. Average number of days on the market increased by 16 days from 63 days in January to 79 days in February.The calculated Buyer Intensity Index of -0.72 indicates continued good news for buyers. New Construction builders are only reporting 42 homes sold reflecting the reported sluggishness in the new home market. New home buyers should be looking for even more incentives in March! And, builders should be much more willing to negotiate.
Buyers are looking for value. Sellers getting contracts are those that have the best showing homes at a value price.
Buyer Intensity Data Points
| Monthly County Wide | Residential Property | ||||
 |
||||
| February 2006 [UNOFFICIAL] | Trend ↑↓ | Sell | Buy | |
| ■ Avg Sales Price | $520,216 | ↓ | ■ | ■ |
| ■ YTD Avg Price | -6.6% | ↓ | ■ | ■ |
| ■ New Listings | 970 | ↓ | ■ | ■ |
| ■ Active Listings | 2,736 | → | ■ | ■ |
| ■ New Pendings | 420 | ↓ | ■ | ■ |
| ■ Number Sold | 340 | ↓ | ■ | ■ |
| ■ Weeks Backlog | 15.5 | ↑↑ | ■ | ■ |
| ■ Days on Market | 79 | ↑↑ | ■ | ■ |
| ■ % of List Price | 96.3% | ↑ | ■ | ■ |
| ■ Builders Sold | 42 | ↓ | ■ | ■ |
| ■ Buyer Intensity Index | -0.72 | ↓ | ■ | ■ |
| Competition: | Very favorable to buyers | |||
| Market Momentum: | Buyers | |||
| Price Momentum: | Buyers | |||
| [trend is change from previous month] | ||||
Notes:
1. The Official MLS reports should be available on March 10th.
2. Many new home builders are slow to post sales in the MLS.
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made the following comment on March 8, 2006 8:20 PM
made the following comment on March 8, 2006 8:20 PM
Mark, thanks for the tip. These are good summary reports and I refer to them often. I need a bit more data I get from another source before I can update the info on the Guide. I should have it tomorrow or Friday. A little surprising to see the average price so high. May be driven by new construction reported late to the MLS.
Mark made the following comment on March 8, 2006 7:51 PM
FYI...they have posted the official Feb #'s.
Here is the link:
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