Ashburn Real Estate Activity For February 2015

The real estate market in Ashburn finished strong in February compared to the past few months.  A few stats regarding the market this past month include:

• 81 properties sold in Feb (higher than Jan by 25 units)
• Median Sales price in Feb $440,000 (higher than Jan by $26,300)
• Average days on Market was 54 days
• 176 new properties were added to the market in February
• 125 properties went under contract in the month

As a general trend, I look at a few charts to have a better understanding of the market direction.  One of these charts is 'Months of Inventory':

When comparing the inventory to the last few months of 2014, the overall inventory has gone from 4.5 months of inventory down to 2.0 months of inventory.  As a general rule, inventory levels below a 5.0 are considered more of a sellers market while anything over 5.0 would be considered more a buyers market.  With the levels at 2.0, this is a prime opportunity for homeowners considering selling their property to get it on the market!

The other chart that I look at is the 'Days on Market'.  This chart captures the average days on market for homes that go 'under contract' in the month.  Here is the chart for Ashburn Real Estate in February:

Although compared to last year, the days on market has increased - when compared to the last 4-5 months, the average days on market has dropped considerably down to 41 days (lower than January by 18 days).  This chart is useful because it tells me that when a property is priced correctly, it will move.

If you have questions on your property value and interested to see what homes have sold for recently, what is currently on the market, and what is under contract - please utilize our free market snapshot!

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Loudoun County Real Estate Update - January 2015

Loudoun County real estate saw an increase in activity this past January.  Some trends that you should be considering while review the market include:

1. Pending contracts are up close to 15% compared to last year and are at their highest level since 2007
2. There were 589 new listings in January, a 5.4% increase from last year
3. Inventory levels are up 35% compared to last year with 1,537 homes on the market
4. Average days on market before a contract is up 41% to 79 days.

In terms of average sales price by housing type...

Detached homes had a median price of $550,000, a 6% increase from last year.  Townhouses average sales price was $369,900 and was 7.5% lower from last year.  Finally, condo's average price ended lower 6.5% down to $250,000.

In terms of review activity by zip code, here is a good chart to review:

Strong increases in median sales price in Aldie and South Riding while Ashburn zip codes 20147, 20148 took a huge hit in the month.  This chart, however, can be deceiving as it does not show the mix of home sales.

Here is a chart by zip code that shows the average days on market year over year:

For all of Loudoun County, the median days on market increase from 38-60 days.  If you look at zip code 20148, the median days on market increase more than twice!

For more detailed statistics on the housing market or have questions in your particular area, please contact us - we are here to help educate!