July 2017 Loudoun County Market Trends Report: Inventory Continues to Tighten: Sales Growth Stablizes
The following analysis of the Loudoun County, Virginia housing market has been prepared by George Mason University’s Center for Regional Analysis. It was prepared for the Dulles Area Association of REALTORS® by analyzing Bright MLS housing data from MarketStats by ShowingTime.
• For the 25th consecutive month, active inventory continued to decline. At the end of July, inventory was 15.8 percent lower than the same point last year. This left 1,479 homes for sale at the end of the month, with 2.6 months of supply heading into August.
• Reversing the trend from the past two months, new listing activity decreased in July versus last year (-5.5 percent). Loudoun County added 762 new homes to the market in June – the lowest number of July new listings in five years. This signals little respite from the market’s consistently low supply of homes.
• Sales growth remains steady as the 802 closed sales in July was an increase 4.6 percent over July 2016.
• Fewer buyers signed contracts to buy homes in July compared to last year – new pending sales decreased 9.1 percent to 607. This is a sign that low inventory is likely suppressing sales, as both limited choices and climbing home prices sideline prospective buyers.
• Increases in Loudoun County’s median sales price have moderated slightly, rising 1.6 percent in July on an annualized basis to $457,250 – a slight decrease from last month but nevertheless the highest July figure in the past decade.
• Loudoun County homes continue to sell faster than last year, with half of the July sales being listed for 13 days or less, down from July 2016’s median of 20.
• Loudoun County home sellers received on average 98.4 percent of original list price in June.
• Condos saw a substantial year-over-year decline in new listings (-25.2 percent) yet an increase in sales (+5.3 percent), tightening their supply to just under 1.5 months. The median sales price of condos reached the second highest on record at $299,900.