How is the health of the real estate market in the Loudoun county area of Northern Virginia?
We had a sluggish start which is expected in the January and February 2016 (Remember winter weather and 3+ feet of snow). The market picked up by April (spring time!) which was reflected by a strong housing market stats in the May and June 2016.
The average ratio of the listing price to the sold price has been close to high 90%. Which means that the homes were sold close to the asking list price. In January again with the winter weather we slide to 96 percentile but picked back up in May/June close to 98%.
Another interesting statistic is the average day on the market. The number has substantially dropped between February 2016 ( 83) to May 2016 (35).
Lastly, the sales volume doubled over the course of the 1st half of the real estate in the Loudoun county area.
My interpretation as a local Loudoun county Real estate agent while reviewing the statistics of the mid-year to date 2016 real estate market we have a stable housing market.
If you are a home seller in the Loudoun county area, you will be able to secure a buyer for your home. Don’t anticipate multiple bidding wars on your home but a steady market that will sell your home to a qualified buyer in an average time.
If you are a home buyer in the Loudoun county area, you will have ample of choices in the resale market. New construction in the Loudoun County area of Ashburn, Aldie and Leesburg is always an option. However, considering the time it takes to built and deliver (average 6-9 months in the area) many are choosing to buy a resale home. Apart from long construction time home buyers in Virginia have an anxiety of the interest rate and local DC metropolitical environment. You can read my blog about new construction or resale which is the best option.
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