Loudoun County Housing Market Statistics - April 2009
May 12, 2009 by Danilo Bogdanovic
Filed under Statistics
Here’s a look at Loudoun County housing market statistics for April 2009:
Total Sales/Buyer Demand
- April 2009 sales were up 9 percent over March 2009
- April 2009 sales were up 8 percent over April 2008
Inventory/Supply
- April 2009 had 892 new listings come on the market versus 842 in March 2009, an increase of 6 percent (The increase in listings between March 2008 and April 2008 was 9 percent)
- April 2009 had 892 new listings come on the market versus 1254 in April 2008, a decrease of 29 percent
What does this mean?
The numbers show a decent increase in buyer demand and a huge decrease in inventory. This trend has been apparent since the end of 2008 and is leading to price stabilization througout Loudoun County.
This is good news for the Loudoun housing market especially for home owners and sellers. But it can be frustrating to Loudoun home buyers because they don’t have many homes to choose from. And once they do find homes that meet their needs, they’re seeing them sell before they have a chance to look at them or they’re in multiple/competing offer situations on home(s) they’re writing offers on.
Loudoun’s housing market conditions also lead to an interesting conversation with home buyers relocating to the area from places that are still getting hit hard by the market - they’re expecting the local market to be a “Buyer’s Market” like the one they’re moving from, but that’s not the case. And our local market goes against what much of the media is still saying, much of which is outdated, behind the curve and on a national, not a local level.
How does the Loudoun County housing market compare to the rest of Northern Virginia?
The rest of Northern Virginia is in a similar situation. We’re seeing the same trend in Fairfax County and now in Prince William County. Fairfax County wasn’t quite hit as hard as Loudoun County, but Prince William County definitely had us beat and is taking longer to recover. And, overall, Northern Virginia is leading the Washington, DC area in the housing recovery.
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Ricky V on Wed, 13th May 2009 1:39 pm
Hey I just wanted to say thanks!! I completely agree that the spring buyers are out in true form and it makes it really difficult to get a house! Based on your advice and my opinion of the market as well, we put in an offer on a Sterling house just above list and we’re so happy we came in strong. Another couple put an offer on the house the same day and two others were coming back the next day for a second look — we completely avoided a bidding war and we got 6k in closing costs.
My advise to buyers out there is when you find what you like, don’t mess around. There’s too little inventory (particularly in Sterling) that’s worth looking into — you have to put your best offer in. That’s just how it is right now.
Danilo Bogdanovic on Fri, 15th May 2009 3:58 pm
Thanks Ricky! Glad things worked out for your buyers on that property in Sterling.