Loudoun Quick Look-April, 2006

April 28, 2006

Sellers will not like what we see for April in Loudoun County. As of 5:00 pm Friday, April 28, 2006 here is the data. This is the last business day of the month and many closing occur today so Sold data will change a bit from what is posted in the MLS.

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 25 week backlog. Average number of days on the market looks like it may decrease a bit to 70 days from 76 days in March. I would interpret this as the most desirable homes are selling first.

New listings are out pacing new contracts written by a 4 to 1 margin. Only 9% of the total homes for sale are being absorbed by new contracts. The calculated Buyer Intensity Index of -0.83 further indicates an extreme buyer market.

I hate to continue to repeat myself but, buyers are looking for value. Sellers getting contracts are those that have the best showing homes at a value price.

Buyer Intensity Data Points

Notes:
1. The Official MLS reports should be available on May 10th.
2. Many new home builders are slow to post sales in the MLS.

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