I’ve been analyzing real estate market statistics across Loudoun County all this week (see my earlier post here or at LoCo Market Stats) and everywhere we look, median price has held steady or declined a bit since the end of April, coinciding with the end of the first time homebuyer tax credit. Not so in Round Hill! Median price for single family homes has actually risen about $50,000 over the last two months. The very small market for townhomes in Round Hill has stayed very flat and stable during that period. I’m not sure if we will see this trend continue, as inventory is definitely up in Round Hill. Now that the spring market is wrapping up, we should get a better feel for where things are heading.
Cheers,
Heather
Tags: Loudoun County, market update, Median Price, real estate, Round Hill, statistics
It’s the beginning of July, which means the we are halfway through the year, and the busiest period of the year for home sales is waning. Here’s how the real estate market looks for single family homes in Purcellville right now:
Now that the first time homebuyer tax credit has ended, we should start to be able to discern the real health of the market here. Right now, inventory is up, days on market is down considerably. Median home price, after peaking in mid-April, is now back to about where it was to start the year, and has remained pretty consistent outside of that two week blip. We will probably see pricing adjust down soon, until the high amount of inventory gets absorbed; this will cause days on market to rise as well. If you are thinking about buying or selling now, please reach out so that I can give you market advice that is more tailored to your specific situation.
Cheers,
Heather
Tags: Days on Market, Inventory, Loudoun County, Median Price, Purcellville, real estate, statistics
Well, it certainly looks like we are moving back into a buyer’s market again, at least in Western Loudoun County. The charts below show only single family home statistics, but clearly our inventory levels have risen steeply since the first time homebuyer tax credit ended in April. If you are a buyer in this market, there are basically twice as many homes to choose from than what was available to you only two months ago. It may take a little while for this inventory to be absorbed, especially if we start seeing more foreclosed homes hitting the market.
Cheers,
Heather
Tags: Hamilton, Inventory, Loudoun County, Lovettsville, Purcellville, Round Hill
While it feels quieter to me as an agent since the end of April and the rush of business connected to the first time homebuyer tax credit, we are still certainly in the middle of the spring market, and the busiest period of the year for real estate in Loudoun County. After going through a period where there was really very little for buyers to pick from (and homes going under contract almost as fast as they were hitting the market), inventory has started to pick up slightly across Western Loudoun County. The median price of homes, compared to this point last year, is overall down slightly. However, the last couple of months has seen slight appreciation everywhere but Round Hill, so perhaps that will continue to improve.
Cheers,
Heather
Tags: Hamilton, Loudoun County, Lovettsville, Median Price, Purcellville, real estate, Round Hill
Our anemic inventory of homes for sale in western Loudoun County is not so anemic, all of a sudden. Amazingly, the number of available homes has just about doubled across the towns in LoCo (eastern as well as western) in the last month. This coincides with the end of the first time homebuyer tax credit, which we know has driven demand here for the last year. I’m wondering if this inventory will be gobbled up by folks shopping for a home that didn’t qualify for the credit (and thus weren’t pressed to get under contract by the end of last month). I know I have several buyers I’ve been working with that have had scant homes to pick from up until the last few weeks. We will of course need to see how this plays out over the rest of the spring market to know just how much of an affect that tax credit had, and to be able to judge what to expect from our real estate market here as summer ends.
Cheers,
Heather
Tags: Hamilton, Inventory, Loudoun County, Lovettsville, Purcellville, Round Hill
I took a look at the number of homes for sale right now in all of Loudoun County and also in Leesburg, and found that inventory has dipped dramatically in the last two weeks. Purcellville and Round Hill are no exception. (Keep in mind the condo chart also includes townhomes.)
Not a whole lot to pick from, all of a sudden, huh? Around 40 homes went under contract in Purcellville and Round Hill in the last 30 days (and that’s a lot for western LoCo) That means we have about three months of inventory available at the rate at which they are going under contract. I have no idea (and am interested to see) what will happen after this month, when the tax credit is no longer affecting the market.
If you are thinking of selling this spring, I’d highly recommend getting on market this week: very little competition, and highly motivated buyers. If you are looking to buy this month, make sure you are working with an agent that is getting new listings to you on a daily basis, so that you don’t miss out.
Here’s a map and details of all the homes currently for sale in Purcellville and also for Round Hill.
Cheers,
Heather
Tags: Inventory, LoCo, Loudoun County, Purcellville, Round Hill
Took me a minute to figure out what was happening with these two, seemingly contradictory, charts for the single family home market in Hamilton…
Logically, if median price per square foot is rising, while median price is falling, then the smaller homes are the ones that are selling.
Aha, well look…when broken down by price quartiles, the upper half of the market has lost value, while the lowest quartile is gaining in price. So, the smaller homes in the lowest quartile are selling at slightly higher prices, hence the increase in price per square foot.
Meanwhile, inventory has started to increase slightly, giving a little more selection for purchasers that haven’t had a whole lot to pick from!
Cheers,
Heather
Here’s your bi-weekly roundup for real estate statistics for Round Hill. Looking first at inventory levels shows us that while condo/townhome inventory remains really, really flat (less than five homes listed!), single family home inventory has started to pick up slightly in the last month. I anticipate that we will see an increase in new listings for the spring market over the next two months.
Median price has stayed steady for condo/townhomes. For single family homes, there was an uptick from August to October last year, but has dipped since then to levels comparable with the beginning of last summer. I will be interested to see if median price stays flat through the spring season this year.
If you would like to see statistics specific to your neighborhood, or the neighborhoods you are interested in, just hit the Ask Heather button and let me know what you are looking for.
Cheers,
Heather
Tags: Inventory, Median Price
Today we are going to look at the market in Purcellville, starting with inventory levels. What I would hope to see at this point in the year is an uptick in inventory, so that there are homes available for sale for the spring market. And we aren’t seeing that yet. Inventory levels for condos and townhomes remains anemic, but that’s mostly because of how few townhomes there are in Purcellville (I’m not sure if there are any condos at all). Single family home inventory, though, while slightly higher than January, is still not close to where it was in May of last year. I’m thinking that the first time homebuyer tax credit will drive the spring market in Loudoun, and there are few options for buyers looking to purchase in Purcellville.
Looking at median price, the zigzags you see on the condo/townhome line are caused by two distinct price points for townhomes in Purcellville. There are the newer ones by Toll Brothers in Purcellville Ridge and the ones built by Arcadia off of 21st Street, or the older ones in Main Street Village, with a decent price swing between the two. The median price for a single family home, though, has not moved much in the last eight months.
If you are thinking about selling or buying in Purcellville (or are just curious about the market) but you want more specific statistics, feel free to hit the Ask Heather button to request more detailed information.
Cheers,
Heather
Tags: Inventory, Median Price
Reposting this from LoCoMarket Stats, because it’s relevant to the western part of LoCo as well… One of the statistics I rarely look at is price per square foot, because it is typically the most stable in the short term. Going into the spring market, I thought it would be helpful to look at where the median price per square foot is for different towns in Loudoun County. Remember that ‘condo’ really means ‘condo and townhomes.’
For the whole county, you can see the slide downward as the median price dropped across the county from 2007 through 2009. From the beginning of 2009 to now, it’s stabilized to within $5 a square foot, looking at single family homes or condos/townhomes.
Sterling is trending slightly below the Loudoun average for condos and townhomes, but in line with the rest of the county for single family homes. There is definitely a bigger disparity between home types here than on a county-wide level.
In Ashburn, there is no discernable difference in price per square foot between home types. Expect to spend around $160 a square foot, no matter what you are purchasing. Therefore, condos and townhomes are more expensive in Ashburn than in Sterling when you are looking at cost per square foot.
Leesburg is like Ashburn, because right now the cost per square foot is the same across all home types; however it’s about $10 less per square foot than in Ashburn. So you can afford a bit more home for your money, but your commute time is slightly longer as you head East.
In Hamilton, you can basically disregard the stats for condos and townhomes, as there are so few that it makes it statistically irrelevant. Single family homes are averaging about the same as Leesburg, but have not seen the huge rise and fall that the rest of the county saw between 2007 and 2009.
Single family homes in Purcellville are trending as high as the county average for dollars per square foot, refuting the theory of saving money by living further out. (Although in actuality, with the low number of homes on the market right now, it could be that what is available in Purcellville right now is in better shape, or newer, than what is on the market in the Eastern part of the county. Sometimes statistics don’t make sense to me, and this is one of those times.)
As expected, Round Hill is the least expensive as the most outlying town in the county, with the single family home price per square foot coming in about $20 a square foot less than the county average, and condos/townhomes about $25 a square foot less.
If you would like to see statistics specific to your neighborhood, or the neighborhoods you are interested in, just hit the Ask Heather button and let me know what you are looking for.
Cheers,
Heather
Tags: price per square foot
