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News both good and bad for Loudoun housing market
The latest Loudoun County Housing Market Analysis shows both encouraging and discouraging news.
Existing home sales dipped slightly in July but recorded the third consecutive month with greater than 500 sales. The month’s supply of inventory (MSI) – an estimate of how long it would take to sell all the homes in a given market -- continues to decline. In July, the MSI was 5.99 months – the first time since sometime prior to January 2006 that it’s been below six months. The ratio of average close price to average list price continued its upward climb for the fourth consecutive month. Six of the 15 markets in Loudoun had an average length of time on the market of less than three months. The MSI for foreclosures and/or short sales is down to 2.5 months.
On the other hand, the median sales price has declined 20 percent from July 2007. The number of foreclosures recorded at the Circuit Court rose to 269 this month. At this pace, Loudoun will raise the already high 2007 figure of 1,215 foreclosures to 2,100 by year end. According to the county’s Economic Development Department, compared to January-June 2007, the number of building permits issued in Loudoun was down by 24 percent for the same period in 2008. New home sales were down by 64 percent for January-April 2008, compared to the same period in 2007. Finally, new home sales prices were 10 percent lower than in 2007 (expect this to fall further as new data is released).
Note: This report was provided by Rosemary deButts, MIRM, senior consultant for Fairfax-based Fulton Research and Consulting.
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