Leesburg Leads in Homes For Sale

May 2, 2006

Leesburg's 20176 leads the region in homes on the market. Reported by The Washington Post this morning:

Blink and They're Still There

Houses and Condos Are Staying on the Market Longer

By Tomoeh Murakami Tse
Washington Post Staff Writer
Tuesday, May 2, 2006; Page A01

Misty and Steven DiPietro have had a for-sale sign in front of their house for 83 days now. A neighbor's has been there seven months. Down the street, there are two more houses for sale, and around the corner, four more.

If it seems as if a lot of people are trying to sell houses in the DiPietros' suburban Leesburg neighborhood these days, that's because they are. The 20176 Zip code area, where their two-year-old house stands, has the highest number of homes for sale in the region, according to a Washington Post analysis of statistics from Metropolitan Regional Information Systems Inc., the region's multiple listing service. More than 600 houses, townhouses and condos are on the market in that Zip code, which includes the northern portion of Leesburg and extends to the northern edge of Loudoun County.

Read the entire article here.

The Post does a masterful job of analysis and provides an interactive tool for finding your zip code on a Google Map and clicking on the zip code flag to see how many homes are on the market.

Their analysis concludes the GLUT is due to builders over building and buyers waiting to see how far prices will decline before buying. Sound familiar?

The majority of our listing clients are in this zip code and are struggling with having to lower their price to attract buyers. Unfortunately, at this point it is the only strategy to get a contract coming in. I'll have a case study to report in a few days on one such situation and what happens when the price "sweet spot" is achieved.

Good article...a must read!

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