A mix HOT summer market trend continued in the early August market of the Northern Virginia Loudoun county area.
We had a very stable and strong June/July residential real estate market in the Loudoun county area. Traces of that were reflected in early part of the August month. However, the later August we saw a sluggish and a pause in the marketplace. The July market had average days on the market at 47 days while August was at 49 days. This is still better than the last year summer market where we had a complete stand still market.
The average sales price to the original list price remains close to or above 96% since the beginning of the 2016 year. What that means are bargain hunters the sold price of the home is discount not more than 4% in the Loudoun county housing market.
New construction in the Loudoun county area of Ashburn and Aldie saw the strongest market over the summer. While visiting builders in the early August you can feel the heat of the new construction market with the foot traffic builders had. Builders did give incentives to retain and convert the buyer under contract. However later part of August the new construction market did cool off. Which is expected as we enter into fall market. Speaking with many of the builder representatives they all expressed the builder was ahead of their goals in selling in 2016. Which means late fall or winter incentives which are typically higher to add the last leg of homes under contract may be small or insignificant.
So what to expect out out of the remaining 2016 housing market in the Loudoun county area ? Does Election play any role influcing the housing market of the Northern Virginia area?
While housing market directly does not get affected by the election. Living in the DC metro area we do see a turnover of the housing market as we get the influx of people coming /leaving the area which the change of administration irrespective who gets elected.
The long run of LOW-interest rate has been taken for granted by many of the home buyers. Home buyers attitude is “the interest rate are not going anywhere why to rush and buy today!” Which most economist and the lenders in the area have portraited for us.
To summarize Loudoun county residential real estate market for the last quarter we will see a stable/sluggish in the area. Stable/Sluggish the way I interpret means it is expected in the fall market real estate slows down. Buyer pool shrinks so does the inventory. But the home sellers who are on the market feel the slow down. A few years ago we had a reflection of spring market in fall. Which was a big help for the motivated sellers to unload and move on with their big plans!
If you are a home buyer in the Northern Virginia area and don’t want to buy in HOT and CRAZY spring market, Fall is my favorite time of the year to purchase a home in the area.
If you are home sellers in the Northern Virginia area, you have the option to stay put and keep marketing the home. Stage your home and price it right. If you can hold off and carry the home till next spring you always have the option to relist your home in 2017.
Ritu Desai is an Associate Broker with Samson Properties with over 12+ years and $90+ Million of real estate sales experience in residential real estate in the Fairfax and Loudoun county area of Northern Virginia area.