The current inventory of homes for sale in Loudoun County sits at 1471 as of today. This is almost 1000 less than the same time last year when levels were around 2400. This represents a drawdown in inventory levels of about 38% in the past 12 months. This bodes well for prices going forward.
The real estate market in Loudoun County is stronger than almost every market in America when you look at inventory levels and current supply. In December 360 homes went under contract. That means we currently have a 4 month supply of homes on the market. Depending on which source you read, national levels are almost 12 months of supply.
Also, prices here are holding up relatively well in most zip codes. Homes in Indianapolis, Cleveland and Detroit are selling for as little as $3000. In our area there are only a few areas that have homes below $100,000.
Tony,
Do you have any stats on the number of homes that have been listed for sale over the last year but were later pulled off of the market without a sale? I would think there are a lot of people who still want to sell their homes but have decided to wait for a while before they try listing them again. If this is this case, won't these inventory numbers just shoot right back up as soon as the market shows more signs of stabilization?
Posted by: Curious | January 08, 2009 at 03:52 PM
Does that figure for December home sales include sales to banks and other lending institutions? Whenever I open the Loudoun section of the Sunday paper, it seems over 80% of the homes in Sterling (i.e., 20164) are to banks.
Posted by: Radar | January 09, 2009 at 07:19 AM
I purchases my first out of state property in Indianapolis last year. My goal was to flip it however I had to change my strategy when the house did not sell within 3-4 months. My tenant is moving into the property January 31, 2009.
Posted by: Cashflow Cindy | January 29, 2009 at 03:14 PM