Loudoun County Real Estate Update - November 2015

Loudoun County real estate home sales had a nice pick-up in November after a slower October.  There were a total of 370 home sales in November, a pickup of 3.4% compared to last year.  Overall sales activity YTD compared to last year also shows strong growth year over year.  The overall trends compared to 2014 definitely favor the home seller as the overall inventory levels are at 3.5 months of supply compared to last years' 4.2 months of supply.

Despite the strong homes sales in November and the year, the median sales price has been flat YoY at $430,000.

Some key trends thru November for Loudoun County Real Estate include:

1. 370 home sales in November, 12 more units than last year.  Total units for the year have exceeded last year by 92 units to date
2. 16% spike in contract activity in November with 64 more contracts recorded and strength year over year
3. Total of 503 new listings in November, a decline YoY of 3.5%
4. Total listings in Loudoun County at 1,753, 7.4% lower than last year.  In addition, the inventory levels are lower pointing to a sellers' market strength; 3.5 months of supply compared to 4.2 months of supply last year.
5. Half of the homes that sold in November were on the market less than 35 days until contract, 14 days better than last year at this time.

Obviously, depending on the housing type you are looking at, overall trends do vary.  So below are some highlights for detached and townhomes.

Loudoun County single family home trends:

• Median sales price at $575,000, an increase of 1.2% compared to last year.
• Average days on market ended November at 69 days, an increase of 4 days compared to last year.  The good news is that half the homes sold were under contract in less than 35 days.
• New listings in November totaled 242
• Total inventory at end of November is 1,197 active units showing 4.7 months of supply for detached homes which is a decrease from last year of 5.3 months of supply

Loudoun County Townhouse trends:

• Median sales price at $417,000, an increase of 9.9% compared to last year
• Townhomes continue to sell faster than last year with half the homes selling in 34 days or less.
• Total inventory for townhomes in Loudoun County ended the month at 356 active listings representing 2.0 months of supply.  This represents a very strong sellers market and is lower compared to last year of 2.8 months of supply.

Below is some trending by zip codes that might be of interest to you based on where you live.

As you can see, compared to last year, there was definite strength in median sales prices of greater than 8% YoY in Ashburn 20147, Aldie 20105, Chantilly 20152, and Sterling 20165.  Trending was not too kind when compared to last year for Ashburn 20148 and Leesburg 20176.  

When compared to YTD activity 2015 to 2014 - you can see overall prices have been relatively flat (right hand column of above table).

Finally, if you are considering selling your home it might be of interest the median days on market for homes that sell.  Below is simple table that highlights days on market by zip code:

If you have questions on the current market in general or are interested in the value of your home - please reach out to our team.  As experts in reviewing the real estate market in Loudoun County, we can help provide clarity to your real estate questions.