However median sales prices are still lower than prices from December 2008. In fact, the median sales price for homes are comparable to 2003/2004 prices! There is only 3.4 months supply of homes available on the market. This is the lowest it has been in 4 years. Approximately half of the homes actively listed for sale as of December 2009 were distress sales, ie., Short sales or foreclosures. Despite the term "Distress", offers are coming in at 95-97% of their list price. Low-ball offers are a thing of the past! This may not be forever, however... Loudoun County may have another wave of foreclosures coming. If the demand for housing continues as it is, house prices should be relatively consistent with their current value. If demand for housing goes down, expect prices to fall too. Again, I say... it is a sellers market, with 2003 prices. If you have to sell or are considering a sale in the near future, this may be THE BEST time to do so. Call us for a personal consulation on your housing needs.
Tuesday, January 26, 2010
Loudoun County Home Sales 2009 end on an UP-SWING!~
Loudoun County ended the year on an up-swing: low supply and high demand resulted in an increase in sales prices from November 2009 to December 2009. However median sales prices are still lower than prices from December 2008. In fact, the median sales price for homes are comparable to 2003/2004 prices! There is only 3.4 months supply of homes available on the market. This is the lowest it has been in 4 years. Approximately half of the homes actively listed for sale as of December 2009 were distress sales, ie., Short sales or foreclosures. Despite the term "Distress", offers are coming in at 95-97% of their list price. Low-ball offers are a thing of the past! This may not be forever, however... Loudoun County may have another wave of foreclosures coming. If the demand for housing continues as it is, house prices should be relatively consistent with their current value. If demand for housing goes down, expect prices to fall too. Again, I say... it is a sellers market, with 2003 prices. If you have to sell or are considering a sale in the near future, this may be THE BEST time to do so. Call us for a personal consulation on your housing needs.
However median sales prices are still lower than prices from December 2008. In fact, the median sales price for homes are comparable to 2003/2004 prices! There is only 3.4 months supply of homes available on the market. This is the lowest it has been in 4 years. Approximately half of the homes actively listed for sale as of December 2009 were distress sales, ie., Short sales or foreclosures. Despite the term "Distress", offers are coming in at 95-97% of their list price. Low-ball offers are a thing of the past! This may not be forever, however... Loudoun County may have another wave of foreclosures coming. If the demand for housing continues as it is, house prices should be relatively consistent with their current value. If demand for housing goes down, expect prices to fall too. Again, I say... it is a sellers market, with 2003 prices. If you have to sell or are considering a sale in the near future, this may be THE BEST time to do so. Call us for a personal consulation on your housing needs.
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