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February Market Update For Loudoun County
FROM DULLES AREA ASSOCIATION OF REALTORS | JANUARY 2016 REAL ESTATE REPORT
Loudoun County’s February median sales price of $415,000 was 1.4 percent higher than last year.
Total sales volume across the county was over $162 million, up 9.9 percent from last February which had $147.5 million in dollar volume.
The 362 closed sales marked an 11.0 percent increase from last year. Sales have now increased in 13 of the last 14 months in Loudoun County.
The number of new contracts in February increased by 9.6 percent, suggesting January’s decline was indeed, weather-related.
New listing activity decreased versus last year for the tenth consecutive month, with the 714 homes added in February missing the February 2014 tally by 4.8 percent.
For the eighth consecutive month, inventory at month’s end is lower than the same point last year. The 15.5 percent drop-off marks the largest decline since April 2013.
Half the homes sold in February were on market 58 days or less, a one-week improvement from last February’s median DOM of 65 days.
Condos (+4.4 percent) and townhouses (+4.1 percent) both saw year-over-year gains in median pricelevels. The condo segment had a median price of $259,990 and the townhouse median was $395,500, representing gains of 4.4 percent and 4.1 percent, respectively.
The median sales price for detached units fell 3.5 percent to $524,798.
Median price levels were up in five of the nine Loudoun ZIP codes with 14+ sales, led by a 22.2 percent gain in Chantilly’s 20152. Its median of $471,250 was the highest of the ZIP codes analyzed. The significant gain in the 20152 ZIP code was due to more than half of its sales being detached in February, up from only 36 percent of its February 2015 sales.
Ashburn’s 20148 had the next highest February median at $468,000, though its level was down 4.5 percent versus last year.
Melody Hall Visser is a passionate Realtor who lists, sells, and dwells in Northern Virginia. Currently, she serves as a REALTOR at eXp Realty, LLC. As a life-long resident of Virginia, Melody has....