Existing home sales in Ashburn for the first quarter of 2007 were stronger than any area of Loudoun County and Ashburn was the only area that showed an increase in the number of homes sold in Q1 2007 versus Q1 2006. Q1 2006 saw 351 homes go under contract while 372 went under contract in the first three months of 2007. This was an increase of 6%.
The number of homes that were put up for sale in the first quarter of 2007 was 583. This was a decrease of almost 40% versus 2006 and was also the largest drop for any area of Loudoun County.
The increase in units sold coupled with the decrease in listings has not however led to an increase in the average price of a home in Ashburn. The average price of an Ashburn home for the quarter was $475,042 which was down 7.8% from Q1 2006 and virtually flat compared to the Q4 2006 average price of $474,827.
The reason we didn't see prices increase any significant amount was because listings still outpaced sales by 211 units during the first quarter. This means that for every home that sold during the quarter 1.57 new homes were listed. As long as this trend c0ntinues, prices will remain flat.
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