Where are all the sellers in Loudoun County!

So, where have all the listing gone in Loudoun County! For
the past 3 years the economic data has suggested that we were at an all time
inventory high with some reports stating that we had several years worth of
houses to burn off. It’s amazing the difference a year makes in the Loudoun and Fairfax
County area. Here are some eye-popping facts about Loudoun that you might find
interesting:

·          In January of this year the average days on market for a single family house was around 134 days. Currently its 73 days and falling! Townhouses that used to
average 89 days are now sell in as fast as 48 days. Even condos that once took
over 150 days to sell are selling within 50 days.

Th  The medium sales price of a single-family house
in February was just under  $400,00.  As of July it is $463,000.

·          According to the Dulles Association of Realtors
inventory is at a 3 year low. Did someone say supply and demand aliment? 

Both Fairfax and Prince William County
have seen similar housing tends.  So, you ask, “Where did the sellers go?”  The general thought is that most
sellers in the Loudoun county area who brought their homes less then 3 years
ago are under water and therefore are NOT going to sell anytime soon. There is
also a theory that our local economy (remember the old saying” the 3 most
important things to know about Real Estate are Location, Location, Location!”) did not
tank nearly as bad as everyone expected and that we will be one of the first
metro areas to rebound.

If you are thinking of buying
there are still some deals to be had but you will need to be quick. Homes
selling under $500,000 are moving very fast; townhouses under $300,000 are
equally selling fast. If you are thinking of buying anything under $200,000
anywhere in the Northern VA area (including Manassas, Prince William, Leesburg,
Ashburn, Gainesville,Haymarket and even as far west as Purcellville) you better wear your bidding hat
and have your game face on to win. I know of investors putting in offers on
houses sight unseen and they are still losing. Feels a whole lot like 2003-2004
at this end of the market.

If you are buying in this market
make sure you are ready to bid when you see something you like. If you are selling,
make sure you use a local Realtor who understands today’s market and today’s
marketing strategies!

I'm not totally ready to do flips yet but….

Take care,

Chuck

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