Loudoun Real Estate Update

June 2010

School's out. So what happened
to the "Spring market"?

Greetings!

Seems like this year is just flying by. Where once we patiently "X"ed out each successive day on the calendar, now, we just tear whole months off, and wonder where the time went.

While owners anxiously waited to see how the residential market resolved itself this spring, it now appears that while the free-fall in prices stabilized, no substantive wave of buyers appeared.

Had it not been for the Obama tax incentive which ended in April, I dare say we would still be waiting for the spring rush.

So what do we have to look forward to in the next 90 to 120 days?

Read on.

There was, in fact, an uptick in residential sales activity this spring.

The Metropolitan Regional Information System (MRIS) reported the following for the month of April, 2010:

	2010	2009	% Change
Total Sold Dollar Volume:	$ 162,424,185	$ 130,453,994	24.51 %
Average Sold Price:	$ 377,731	$ 352,578	7.13 %
Median Sold Price:	$ 336,250	$ 315,000	6.75 %
Total Units Sold:	430	370	16.22 %
Average Days on Market:	44	83	- 46.99 %
Average List Price for Solds:	$ 392,540	$ 379,943	3.32 %
Avg Sale Price as a percentage of Avg List Price:	96.23 %	92.80 %

Total Number of NEW listings
taken for the month:	991
Total Number of Properties
marked Contract for the month:	267
Total Number of Properties
marked Contingent for the month:	454
Total Number of NEW pendings
(CONTRACTS + CONTINGENTS):	721

As you can see, sales and dollar volumes are up compared with last year, and specific niches in the market moved surprisingly well. More expensive homes continue to be a challenge, with financing often the issue.

Specific types of property
found ready buyers

I personally represented two couples who carefully assessed the market and with good information to guide them, positioned their homes at a fair price.

Both took acceptable offers, at, or near, full price, and both SOLD their homes in a matter of days, with secondary offers readily available as back-ups.

The first property referred to in this example listed their home ABOVE ASSESSMENT, and ABOVE a one-month old APPRAISAL.

The second owner took an acceptable offer in three days, too!

The lesson learned...

is that even in a soft and wishy-washy market, careful positioning of the property from a pricing standpoint, and landslide exposure on the Internet still produces reliable and satisfactory outcomes most of the time.

Commercial activity continues
to build...

New businesses are both expanding in our community, or have chosen Western Loudoun to begin independent operations. Below, the newly opened KFC/Taco Bell on Hatcher was doing a smart lunch time business recently.

At 108 North 21st Street, Scott McKinney opened "Shamrock Music Shoppe", where you can buy or sell a musical instrument, take lessons, or jam with some seasoned professionals.

Across the street at 111 North 21st Street, stop in and visit Piper Dan's Keltic Shoppe for a great assortment of all things Irish: clothing, sweaters, jewelry, ceramics, gifts, and more.