Is Loudoun County Now a Seller’s Market?

• June 9, 2009
• 0 Comments

by Mark Wellborn

Is Loudoun County one of the few “seller’s markets” in the country? The Loudoun Times-Mirror had an article recently making that assertion. It notes that, since the beginning of the year, the number of houses on the market in the county and the number of days that a listing sits on the market have decreased noticeably.

From the paper:

In January, homes spent an average of 107 days on the market. That number fell to 83 in April. Based on the number of active listings as of May 1, the inventory of homes on the market dropped to a four-month supply — “a figure not seen in the last three years and one that clearly signals an end to the buyer’s market,” said Rosemary deButts, marketing consultant with the Dulles Area Association of Realtors.

The article pointed out a number of other optimistic indicators for the region’s housing market:

• The number of homes sold increased from 292 in January to 393 in April.

• Only 370 listings were marked as foreclosures or short sales in April, down 32 percent from January (545 homes).

• From January to April, the median price of all homes sold in a given month increased from $291,000 to $315,000.

This is very good news for home owners in Loudoun County which was one of the places in the DC area hardest hit by the housing crisis.

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