Loudoun Single Family Detached Home Prices
December 7, 2007
November year over year price decline is approximately 12% with a 15% decline since January of 2006. Inventories remain high and demand has diminished considerably since the summer. We may not have all the foreclosures and bank owned properties reflected in the numbers. I suspect January will show another rapid rise in inventory as this hardship cases come back on the market. The gap is getting wider between Original List Price and Sold price which is typical during the late fall/winter months.Single Family, Detached Homes less than $1,000,000
Up until the 2006 assessment, a general rule of thumb was that the assessed value was approximately 70 to 80% of the market value. You can see in the chart how that is changing. It is now running 100% +/- 5%. The Loudoun County Assessor just announced that assessments for 2007 will remain about flat because of 2006 declining sales prices. Also, the MLS does not update the assessed values from each county at the same time. We will keep a watchful eye on these trends.
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Copy this link (Trackback URL) to track this article.Listed below are links to Blogs that track Loudoun Single Family Detached Home Prices:
» Loudoun Single Family Detached Home Prices from Northern Virginia Real Estate Guide
This is a price trend chart showing Loudoun's single family, detached, re-sale homes less than $1,000,000. It is now a regular chart entry at Loudoun Single Family Detached Prices. I also added average assessed value for comparison purposes. Loudoun Co... [Read More]
» Loudoun Single Family Detached Prices Down Again from Northern Virginia Real Estate Guide
I've updated the chart for single family, detached homes (less than $1,000,000) sold with February 2007 data. After a November/December small positive bounce, average sold price in February is down about 5% from last month. Seller subsidies are still a... [Read More]
» Loudoun March Price Trends | Supplemental Charts from Northern Virginia Real Estate Guide
I extracted some additional charts from the MLS report set that you can open as a PDF file. This file contains: Listings by DOM Listings by Price Listings by Price and DOM List Price by DOM DOM = days on... [Read More]
» Loudoun Single Family Gets Price Bounce from Northern Virginia Real Estate Guide
The price trend chart for Loudoun County is updated for March (single family, detached homes, less than $1,000,000) and shows a positive price bounce. Here are my observations comparing March to February:
[Read More]
» A spike in Loudoun average home price from Northern Virginia Real Estate Guide
A reader asked a very valid and important question this morning: "...what caused the current spike in average sold price of Loudoun homes?" His presumption to the answer was exactly right. [Read More]
» Loudoun Single Family Home Prices from Northern Virginia Real Estate Guide
Sellers may gain some level of confidence from this chart as Loudoun single family home prices under $1,000,000 are holding up from the March positive bounce. But, it doesn't tell the whole story. We are still at over a 6... [Read More]
» No real estate bubble bursting here; just a simple market adjustment from Northern Virginia Real Estate Guide
The Loudoun Single Family Detached Home Prices chart is updated with May, 2007 sold data. There is very little change from April. Of specific note is the sold price to assessed value ratio. On average, homes are now selling at... [Read More]
» Loudoun single family prices holding steady from Northern Virginia Real Estate Guide
The Loudoun Single Family Detached Home Prices chart is updated with June, 2007 sold data. Average price is up 2% from May. Of specific note is the sold price to assessed value ratio. On average for June, homes sold at... [Read More]
» Prince William Single Family Detached Home Prices from Northern Virginia Real Estate Guide
This is a price trend chart showing Prince William County single family, detached, re-sale homes less than $1,000,000. It is now a regular chart entry at Prince William Single Family Detached Prices. I also added average assessed value for comparison... [Read More]
Comments
R. Not quite sure what you are hypothesizing but...Loudoun assessments were historically about 70 to 80% of market value (don't know why, just was). Assessments in 2006 rose 28% on average to get assessments more in line with market value. What we see in the charts is a reflection of this fact. Early 2006, assessments were about 75% of market on average. By the last quarter of 2006 they are more in line to 100%. How this is reflected in the charts is a rise from June through about October. Why the slow rise in the data? I don't know. It really depends on what data is captured and when it is captured.
So, if you are saying maybe values are depressed more than what we thought? I don't think so. 2007 assessments will be flat so lets watch to see how this relationship changes over time.
Merv,
If I'm reading this latest graph correctly it looks like the change in the tax assessed value is showing a dramatic increase in quality of houses sold? This would suggest that the value of housing has fallen even farther than the price declines indicate. Very scary stuff.
Is the assessed value graphed using the 2006 assessment for the entire period?
Thanks again for providing timely informative statistics!
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