Loudoun Single Family Gets Price Bounce
April 2, 2007
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:- Average sold price is up 8% from $522,000 to $566,000 in round numbers
- Average seller subsidy decreased to about $7,000 from $10,000
- Original asking price is very nearly equal to average assessed value for these homes
- The gap between original asking price and list price closed significantly
This bodes well for sellers as we enter the spring market. I would be cautious forecasting any long term or short term trend as the current number of new listings are outpacing new contracts by a little more than a two to one margin. A larger supply of homes for sale still gives buyers the advantage. Loudoun still has a bit more than a 6 month supply of homes at the current selling rate.
Stay tuned.
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Thanks for your patience.
R. I like this one too. I'll extract some additional reports that show price distribution among other things. I'll post as a separate article.
Thanks for the info. This is one of my favorite charts that you make because it removes the variability of product mix (townhouses and condos). I also like that you add the tax assessed value so you get a baseline for the quality of the houses that are selling. From the chart it looks like nicer houses (higher tax value) are selling in March than Feb. and for higher prices.
Thanks for the info! I would love it if our MLS tracked that sort of information too. I might just have to try and get the ball rolling on that....
Nickie: Yes and yes. It is a field to be completed by the agent to close the transaction on the MLS. Like any other field, it is prone to error because there is not a way to validate it.
The official MLS statistical reports do not provide this number. I dig it out manually.
What do you mean by seller subsidy? Is this the seller paying closing costs? Does your MLS track that information?
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