Loudoun County Real Estate Activity January 2007
February 15, 2007
| Loudoun Buyer Intensity |
|---|
|
Red Bars: HOT (Sellers Market) Blue Bars: COLD (Buyers Market) Gray Bars: Balanced Market |
|
|
INVENTORY:
After a sharp decline the past few months, inventory of homes for sale leveled off. Active listings are down only by a small margin to the 2,850 level. New contracts are up about 100 homes. New listings turned up for the month by 400 properties. Inventory absorption rate (new contracts / total active inventory) remains a low 17%, up slightly from December. Actual closings (sold) is down 175 homes or 24% from December but even with November closings. This is due to the surge in closings of new construction in December.
Average appreciation is up about 1% from January 2005. Price declines reversed the trend in November rising 1%, 2.5% in December and a surprising 8% in January.
DAYS ON MARKET:
Average time it takes to sell is 138 days, up a whopping 37 days from last month. As of today (February 15), days on market for re-sale properties is 142 days (see Loudoun Daily Market Watch).
SOLD TO LIST PRICE RATIO:
The "negotiated" ratio rose is down a percentage point 92.5%. Successful sellers that lowered their price are still giving buyers another 7 to 8% during negotiations (plus seller subsidies that are not "officially" reported).
NEW CONSTRUCTION:
As of January 31st, the MLS is reporting 606 new homes on the market with only 37 closed, a dismal 6% absorption rate. These numbers may change as builders are notoriously slow getting their sales posted in the MLS. There are always more for sale and under contract that are not reported. Sales of new construction remains in the doldrums. Huge incentives, price reductions, guaranteed home sale to get sellers to the closing table, and increasing incentives to agents bringing qualified buyers. For buyers: finished basements...sun rooms...closing costs...mortgage payments for the first year.
Comment on Loudoun County Real Estate Activity January 2007. Follow this article is off. More articles like this one filed in: Loudoun County Market News
Subscribe to eMail Notifications
Enter your email address in the appropriate box below (email never disclosed)Blogs that link here
Copy this link (Trackback URL) to track this article.Comments
Wonders never cease! My Loudoun assessment is down 16%. Lets see...a tax rate of $0.97 vs $0.89 is about a 9% increase. Hence, I should be paying 7% less in hard dollars. It will be interesting to see what the Sups do with the final tax rate. The beaurocrats are already whining about having to cut expenses. Last time I checked, when my income goes down, I cut spending. Or, dip into savings. I don't think Loudoun has much in the savings account.
![[TypeKey Profile Page]](http://askmerv.choice3realty.com/nav-commenters.gif)
made the following comment on February 26, 2007 4:17 PM
Your assessment might be lower, but that doesn't mean the taxes will be.
In Loudoun, where I live, assessments are down an average of 7%, but the county is raising the rate from .89 to .97. So in my case, my home is worth less but my taxes are higher, and guess who wins- me or the county?
It sounds like your assessment is low enough that you'll actually be paying less. However, you're the exception. No county government is going to have a smaller budget in 2007 (according to the law of entropy and years of experience...)
made the following comment on February 22, 2007 10:40 PM
After getting my Property Assessment in the mail, it appears the value of my home has falled about 15% from 2006. At least the bright side means that I'll be pocketing about $1200 this year instead of giving it to the Govt.
Subscribe to: 
Valid CSS and
