A recent housing update report released by the Dulles Area Association of Realtors echoes an earlier report pointing to a looming housing shortage in Loudoun.
The George Mason University’s Center for Regional Analysis wrote the report, comparing market trends from June 2017 to those of the previous year.
According to the report, after a few months of slow growth, the number of June closed sales increased 3.2 percent over June 2016. There were 802 closed sales in June 2017 — the highest monthly sales number on record for Loudoun County.
New pending sales increased 6.7 percent from last year to 722 new pending sales. Despite lagging condo sales in June, new pending condo sales are up 21.7 percent from June 2016. Both points show an increased demand, according to the report.
For the 24rd straight month, active inventory continued to decline, according to the report. At the end of June, inventory was 16.1 percent lower than the same point last year. This left 1,551 homes for sale at the end of the month, with 2.7 months of supply headed into July.
New listing activity in June increased versus last year (+10 percent) for the second straight month. Loudoun added 1,014 new homes to the market in June – the highest number of June new listings in over a decade. This may indicate potentially loosening inventory in the coming months, but inventory is still not keeping pace with demand as evidenced by the continual downward trend of total active listings.
Loudoun’s median sales price continues to increase, rising 5.6 percent in June on an annualized basis to $470,000 – a slight decrease from last month but still the highest June figure in the past decade.
Loudoun homes continue to sell faster than last year, with half of the June sales being listed for 9 days or less, down from June 2016’s median of 13. Home sellers received on average 98.5 percent of original list price in June.