Here are some statistics about the Loudoun County real estate market that I follow on a regular basis as well as some interesting trends that tell a lot about the current market conditions.
Current Inventory - 922
At the beginning of August this number went below 1000 for the first time in 3 years and it has continued to go down. At the start of the year, this number was 1256.
Homes sold since Jan 1 - 3125
This is the lowest number since 2000. Last year there were 3306 sold in the first 8 months. 2007 there were 3312. Contrary to what you read in the papers, home sales are not going up, they are just not going down very much. FYI, in 2005 5291 homes were sold between Jan and Aug.
Pending Home Sales - 1241
This is the number of homes under contract but have not yet settled. That means there is a backlog of over 3 months of homes waiting to close. This number has been growing due to the incredible length of time it takes a bank to approve short sales. 775 of the 1241 are short sales.
Percent of Sales that are Distressed - 38.2%
Of the homes that have sold in Loudoun County this year, 1117 have been classified as foreclosures or short sales. That number has stayed relatively constant throughout this year but the mix has shifted to more short sales as the year has progressed.
Great numbers, it seems like there is a general recovery not just in londoun but in the majority of US markets
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