June 2017 Loudoun County Market Trends Report: Demand Rises as Sales Reach an All-time High; Inventory Remains Low
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.
- 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.
- Demonstrating increasing demand, contract activity is trending upward as 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.
- For the 24rd straight month, active inventory continued to decline. 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 County 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 County’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 County 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.
- Loudoun County home sellers received on average 98.5 percent of original list price in June.