May 2006 will be over soon...
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May 30, 2006
Two more days remain in May to get closings done. The end of the month is typically very busy for title companies. A quick sample of activity for Loudoun County reveals the following:- Over 4,500 active listings
- Over 1,400 listings went on the market so far this month
- 386 homes went under contract so far this month
- 328 homes sold (settled) so far
- 158 homes are scheduled to close on or before 5/31/2006
- Average sale price is about $551,000 (96% of the original list price)
- Over 60% of the homes sold have seller subsidies averaging about $12,000. One was as high as $100,000 on a $850,000 transaction. Investigating further, the seller appears to be giving up equity to make the buyer's down payment on their loan.
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