Everything about Loudoun Real Estate
Everybody is asking "What's up with Real Estate?" People are hearing news that NOW is the time to BUY and that savvy investors are grabbing up the best deals in many, many years. Everyone always likes to see hard facts and numbers so I will happily comply. I will try NOT to overload you though!
According to our MRIS MLS - as of today 2/5/08, in all of Loudoun County there are 3,450 total residential properties for sale including those that are under contract. 2,958 are available. Which means 492 are under contract. 923 have SOLD since Nov 1 through tonight. The same period last year 1,351 SOLD! That is 428 residential properties off the mark! Now pricing - of the SOLDS there were 432 homes priced $149,500 (least expensive) to $399,999 AND 492 homes priced $400,000-$8,000,000.
Of the 492 contracts, 35 have other homes to sell (which is called having a kick-out).
I will use 1 sector of residential housing to compile more detailed data. I have chosen ALL sizes of CONDO'S in ALL of Loudoun. 46 units have sold in 3 months. The Avg SOLD price is 228,230. The Avg time it took to sell is 88 days. The sellers paid an Avg of $5,702 of the buyers closing costs. The FINAL LIST PRICE Avg 93.49% of the ORIGINAL listing prices. (This % does not include properties that were re-listed like when a seller switches agents and reduces the price off the bat).
This same period 1 year ago there were 84 units were SOLD (+38 units from today). The Avg SOLD price was $246,950 ($18,720 greater than today), Avg time to sell was 79 days (-9 days from today), the sellers paid $6,742 of the buyers closing costs (+$1,040 from today) and the FINAL LIST PRICE Avg 95.96% of the ORIGINAL listing prices (2.47% better than today).
The good news is that with prices being down from 1 year ago, and with rates 1 1/2 points lower than last year coupled with the inventory it IS a great time to BUY. Especially for those first time buyers! Besides the fact that the inventory of available homes is up, the sellers are doing pretty well also *** as long as they bought their home probably about 4 years ago or longer and have not re-mortgaged or tapped-out that precious equity.
Another interesting fact for BUYERS - only residential - according to the remarks in our MRIS MLS - in Loudoun is there are around 334 disclosed Short Sales on the market. Short Sales are when the bank will entertain offers lower than the balance the seller owes - only for a short period of time. There are 68 disclosed foreclosures which is the next step when the bank reclaims the property.
I am in the biz of making dreams come true! These are my first blogs for LTM so if you have any suggestions or ideas for future blogs please let me know. Also if you would like specific data for your neighborhood, ask. myREALTORrichie@mris.com or call me 703-401-7980 * JBR Inc. This article is by a professional real estate agent and the data is from the private MRIS MLS.