Loudoun County New Construction
August 30, 2007
The three years of data displayed is based on the average sales price for new construction residential property each month as reported by the MLS for Loudoun County, Virginia. New construction data is routinely unreliable in the MLS as many new homes are never recorded in the MLS until well after closing, if at all. Selling agents often update the MLS in December to establish "award" credit when builders do not participate or update the MLS.Chart contains number of units sold (settled) by month and average sales price. Notice the spikes at each year end (see comment above about selling agents). This contributes to the spikes in December of each year in total homes sold. The average price of a new construction peaked in July of 2006 and has generally declined since.
The uptick in July is consistent with what I have seen reported nation wide that there was a surprise increase in sales. One month does not constitute a trend.
Hover on data points to view values.
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made the following comment on August 31, 2007 10:56 PM
I'm surprised that New Home Sales Average is still so high considering the resale market is at least $200,000 less on average. I'd have to assume the new homes being bought are the expensive gated community Toll Brothers type homes that the upper-upper middle class can afford. The rest of us average folks around the median family income of $100,000yr are stuck with the $300k-$500k homes. And I'm sure the builders aren't selling many homes in that range.
Hi R. The absorption rate is down in the weeds at 3 to 4% per month based on the number of active listings in the MLS (and, as we know, not all new construction is listed in the MLS).
Good point about the average price. Only takes one $2,000,000 sold to distort the average.
Merv glad to see the updates. 27 new homes sold in January is pretty abysmal especially so because it was unseasonably warm in Jan. The average price indicates the only people left buying are rich (or think they are). I guess it probably doesn't take much of a shift in product mix to distort averages when there are only 27 data points for the month though.
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