Eastern Loudoun County Housing Supply By Zip Code
March 31, 2009 by Danilo Bogdanovic
Filed under Statistics
Here's a breakdown of the amount of housing supply in Eastern Loudoun County by zip code:
20152 - 3.8 month's supply
20148 – 3.9 month's supply
20147 – 2.6 month's supply
20166 – 3.3 month's supply
20165 – 1.9 month's supply
20164 – 1.7 month's supply
20176 – 4.8 month's supply
20175 – 4.0 month's supply
What do these "month's supply" numbers mean? The general rule of thumb is,
- more than 6 month's supply = buyer's market
- 4 to 6 month's supply = balanced/equal market
- less than 4 month's supply = seller's market
Sellers, don't get too excited – regardless of how little inventory there is on the market, you must price your property correctly or it will sit on the market collecting "Days On Market" and dust (more about this coming up in a post soon).
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Pat Kline on Tue, 31st Mar 2009 12:06 pm
I agree. I don’t sell much in Loudoun, but have done 3 transactions in past few months, all short sales/foreclosures/all Countryside/Sterling. My clients and I chase other agents from house to house. Same in Alexandria & Arlington where I do more business. The market is hotter than buyers think if the property is well priced. Real estate goes from the bottom up. Those lower end properties have to sell so people can buy up to something else. I really wish listing agent would change remarks to show “working with an offer” or something though so we can move on.
JB on Tue, 31st Mar 2009 6:24 pm
This is good Danillo. You are correct. These homes are selling at this rate because they are priced well. I enjoyed speaking with at Highland. All the best.
Danilo Bogdanovic on Sat, 4th Apr 2009 8:04 am
Thanks JB. Good chatting with you too.
Pat – Saying “working with an offer” may help Buyer’s Agents and buyers, but does it help or hurt the seller? The Listing Agreement may state that until an offer is “ratified” (not just “received”), the Listing Agent/Broker must continue marketing the property for sale.
John Hurley on Thu, 23rd Apr 2009 7:34 am
This is a great time to be snapping up propery at rock bottom prices in Loudon. I’ve already bought half a dozen properties at 50% off their highs and loving every minute of it. This market is dead as a door nail and you should take advantage of the price pressure.
Danilo Bogdanovic on Sat, 25th Apr 2009 12:30 pm
John – Glad you’re taking advantage of the current market conditions. Are you focusing on REOs or short-sales? And in what areas?