Of the 367 homes sold so far in April in Loudoun County, 53% (195) have been on the market for less than 60 days. And of the that number 132 or 36% of the total have been on the market less than one month. At the other end of the spectrum, homes sold that were on the market more than 6 months represent 23% of the sales this month.
Median Days on Market for sales this month is 52 days. That means that half of the homes sold were on the market less than 7.5 weeks before they went under contract. The average days on market of a home sold in Loudoun County in April is 103. This is due to the fact that 27 homes were on the market over 300 days before going under contract.
Back in September of last year, the average days on market (112) and the median days on market (100) were much closer. This was due to the fact that only 17% of homes sold within 30 days and only 32% were sold in 60 days. Also, homes that were on the market 6 months or more only represented 15% of the total sales.
These numbers indicate that the buyers are willing and able to make offers on homes they feel are good values. It also shows that about half of all sellers are using strategies to price their houses correctly in order to get an offer within 60 days. Sellers not priced correctly are not receiving offers and are languishing on the market for upwards of 10 months or more.
These numbers show the importance of pricing a home properly. A home priced correctly should sell within the first 2 months of being listed.
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