Loudoun County Sales statistics for July 2007 as compared to July of 2006 are incredibly similar in many areas. Here is a breakdown and analysis of the median and mean comparisons of List Prices, Sales Prices and Days on Market as well as Total Sales and Sales Price as a Percentage of List Price.
July 2007 vs. July 2006
Total Sales: 397 vs 395
This number has been very similar for almost every month this year. In fact for the first seven months of the year the difference is only 21 sales, 3039 vs. 3060.
Average List Price: $530,280 vs $525,247
This is the average list price of the home when it went under contract. This is useful for determining what list price will motivate a buyer to submit an offer. When combined with the Percentage of List Price it can give you a fairly accurate idea of what homes are actually selling for before they go to closing.
Sales Price as a Percentage of List Price: 97.5(est) vs. 97.7
This number has stayed fairly consistent and although we don't know the exact number for July of 2007, the previous quarter the number was 97.5 and it hasn't changed much this year.
Average Sales Price: $517,023 vs. $513,324
Contrary to what many people think, the average sales price for a home in Loudoun County has not changed much at all in the last 12 months. And although it does show a slight increase in price versus last year, this is a little misleading due to the fact that many more newer homes have sold this July versus last July.
Median List Price: $434,900 vs. $449,900
The median list price is the price at which half the homes sold for more than this price and half the homes sold for less. I believe this better reflects the trend of home prices in Loudoun County because it doesn't let a few very high priced homes skew the number. This number is the only number that shows a significant difference versus the previous year.
Average Days on Market: 98 vs. 99
This number has stayed consistent for the last year around the 100 mark.
Median Days on Market: 69 vs. 81
This number tells us a lot more than the average Days on Market number. The fact that the number is 12 days less than last year says that people who are listing their house this year are doing a better job of pricing it to sell. This could mean they are pricing it lower to begin with or making adjustments to the price sooner.
Bonus Statistic
Average Listing Price Adjustment: $23,209 vs $30,038
This statistic is the amount of money a seller had to reduce their list price before they got to the price that enticed a buyer to write an offer.
Coupled with the Median Days on Market statistic, the Average Listing Price Adjustment data suggests that sellers this year are pricing there properties more accurately, making smaller price adjustments and selling in a shorter period of time than the sellers of last year.
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