September 2017 Loudoun County Market Trends Report: Sales are Low as Tight Inventory Continues; Median Sales Price at September High
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.
- Sales growth continues to stall as the 517 closed sales in September was a decrease of 2.5 percent over September 2016. About the same number of home buyers signed contracts in September 2017 as compared to last September, as new pending sales increased 0.8 percent to 538. This is a continued sign of low inventory suppressing sales, as prospective buyers find both limited choices and climbing home prices.
- Loudoun County’s median home sale price reached $462,000 in September—an increase of 5.0 percent on an annualized basis. This is the highest September median sales value in over a decade.
- For the 27th consecutive month, active inventory declined. At the end of September, inventory was 15.9 percent lower than the same point last year. This left 1,405 homes for sale at month’s end, with 2.5 months of supply heading into October.
- Reversing last month’s gain, new listing activity decreased in September versus last year. Loudoun County added 686 new homes to the market in September and the number of year to date new listings is down 6.8 percent from this time last year. The erratic change in new listings from month to month signals little long-term relief from the market’s consistently low supply of homes.
- Loudoun County homes continue to sell faster than last year, with half of the September sales listing for 16 days or less, down from September 2016’s median of 22.
- Loudoun County home sellers received on average 97.8 percent of original list price in September.
- Demand for detached homes remains the only segment to increase in number of closed sales—up 2.0 percent from last September. Contract activity in the detached home segment increased 8.7 percent from last year and reached the highest number of September new pending sales in over a decade.