Loudoun County Real Estate Activity August 2006
September 9, 2006
| Loudoun Buyer Intensity |
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Red Bars: Sellers Market |
Green Bars: Buyers Market Gray Bars: Balanced Market |
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INVENTORY:
Inventory of homes for sale continues a slow decline to a bit above 4,400 from nearly 4,800 last month. Again, it is NOT because of more homes being sold because both new contracts and settlements (sold) remain flat. It appears the small reversal in inventory is mainly due to sellers not re-listing when they withdraw or when listing contracts expire. For a buyer's market, we see few buyers taking advantage of the good deals that are available.
HOME PRICE APPRECIATION:
Average appreciation declined by 5% from last years average. At this point in the year, full year appreciation could easily see an 8% to 12% decline.
DAYS ON MARKET:
Average time it takes to sell continues its upward trend to 93 days. This appears to be headed even higher based on the rolling 30 day accumulation we provide on the Front Page Daily Market Watch (100 days as of this writing).
SOLD TO LIST PRICE RATIO:
This ratio declined another two percentage points to 92%. This is the "negotiated" ratio, SOLD PRICE as a percent of the LAST LIST PRICE. Successful sellers are drastically lowering their price and buyers are getting another 8% during negotiations.
NEW CONSTRUCTION:
Builders continue to struggle to write new contracts on "to be built" and "spec" homes. As of the end of August, the MLS is reporting 707 homes on the market and we measure only 28 SOLD during the month. A dismal 4% absorption. Average price is down into the very low $700,000's. Incentives are plentiful.
Average appreciation declined by 5% from last years average. At this point in the year, full year appreciation could easily see an 8% to 12% decline.
DAYS ON MARKET:
Average time it takes to sell continues its upward trend to 93 days. This appears to be headed even higher based on the rolling 30 day accumulation we provide on the Front Page Daily Market Watch (100 days as of this writing).
SOLD TO LIST PRICE RATIO:
This ratio declined another two percentage points to 92%. This is the "negotiated" ratio, SOLD PRICE as a percent of the LAST LIST PRICE. Successful sellers are drastically lowering their price and buyers are getting another 8% during negotiations.
NEW CONSTRUCTION:
Builders continue to struggle to write new contracts on "to be built" and "spec" homes. As of the end of August, the MLS is reporting 707 homes on the market and we measure only 28 SOLD during the month. A dismal 4% absorption. Average price is down into the very low $700,000's. Incentives are plentiful.
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