Home Sale Prices Still Rising

Home Sale Prices Still Rising

The latest sales data for real estate in Loudoun County shows steady growth in homes prices, despite a slight dip in closed sales, according the Dulles Area Association of Realtors (DAAR).

“Houses are selling very quickly,” said Eric Pearson, of Pearson Smith Realty.

In April, for the eighth month in a row, median sale prices for homes sold in Loudoun rose to $434,900, about 38 percent higher than the low of $315,000 in April 2009, according to DAAR’s figures. In addition, sellers received about 97.9 percent of their asking price in April.

“We’ve been busy since Jan. 2,” said Lars Henriksen, managing broker for Century 21 Redwood in Ashburn and Leesburg. “We’ve had a really great market in Loudoun County.”

The number of sales in April (1,435) were also very good, according to Pearson. May sales were lower, with just 874, he said, but homes continue to move. He attributed the lower sales to a smaller inventory on the market.

“It seems more that it’s a sellers’ market,” Pearson said. “Buyers are plentiful; there are just not enough listings on the market unless you go for new construction.”

Despite continued growth in sales prices, actual sales were down in April for the second straight month.

Henriksen agreed with Pearson that the inventory remains low, but said that does not reflect all segments of the market. While the supply of townhouses is estimated at about two months, there is about a five-month supply of detached homes. In addition, more expensive homes are sitting on the market considerably longer.

“These are more challenging because we haven’t had the best overall economic news,” Henriksen said, but added that for most part the market has performed well.

The number of listings in Loudoun in April (1,256) is down slightly from a year ago (1,288). However, the number of contracts being signed remains 10.9 percent higher than it was a year ago. And the number of days that homes are sitting on the market as of April were half the number from a year earlier.

DAAR reports that median sales prices in Loudoun County were as follows in April for selected zip code areas.

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DAAR reports that median sales prices in Loudoun County were as follows in April for selected ZIP code areas.