Loudoun County Spring Real Estate Market Is In Full Effect
The Loudoun County “spring real estate market” is in full effect. The number of available homes for sale is on the rise. And the number of homes going under contract is on the rise as well. If you are waiting for the “spring market” to get here, you’d better jump in now because it’s about halfway over.
That’s right…about halfway over. I’ve been saying it for years (because it’s true) – the “spring market” starts in January. The number of homes that go under contract starts to rise sharply in January and continues through the end of May/early June. In plain English…lots of home buyers get super serious and start writing offers on homes in January and continue doing so through about the end of May/early June. Then the hot, humid, vacation and kids-back-in-school months of July, August and September roll around and the market fizzles out a bit.
To put it in visual terms, here is a graph showing the number of new, ratified contracts on homes for sale in Loudoun County…
And here is a graph showing the number of new listings coming on the market…
There are pros and cons to this time of year. If you’re a buyer, you have more choices. But you also have more competition when submitting offers. As a seller, you have more buyers looking at your property. But you also have more competition from your neighbors who are also getting looked at by the same buyers that looked at your house.
P.S. The same holds true for the rest of Northern Virginia. And this is not just a “2012 thing” – this trend repeats itself year after year in this area.
If you have questions about a specific town, community or subdivision, let me know. I’d be glad to send you a hyper-local report for the area you’re in or thinking about buying in.