Lower sales volume but a stable growth in the average sales price of the home. The biggest impact was last year our inventory was significantly higher than this year by double digit. From new construction in Loudoun county to the resale home sellers everyone has enjoyed a stable market. On the flip side home buyers in the Loudoun county area of Aldie, Ashburn, Chantilly, Sterling, Potomac Falls, Dulles, and Leesburg have enjoyed inventory where they had ample to choose and make an educated decision.
Multiple contracts were not seen in many of the Eastern Loudoun county areas. Open House had a steady traffic with serious buyers house hunting in the area. Day on the market has been industry average (my personal opinion) 47 days.
This may sound repetitive or boring but Loudoun county in 2016 has been a constant market. No roller coaster ride this year compared to 2015.
So what to expect in August 2016 real estate market report? Well, August is a vacation month. Numbers may be sluggish but considering stronger spring and early summer market I don’t think we will be complaining. As far as fall real estate market goes, that will be another story with the election year and political anxiety!