January 2018 Loudoun County Market Trends Report: Another Record Low Month for Inventory; Home Sales Continue to Decline
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 31st consecutive month, active listings declined in Loudoun County—the lowest recorded inventory number in over a decade. At the end of January 2018, inventory was 9.8 percent lower than the same point last year. This left 877 homes for sale at month’s end, with 1.6 months of supply heading into February.
• The number of closed sales continued to decline. January’s 317 closed sales represented a decline of 9.7 percent over January 2018. This is a continued sign of low inventory suppressing sales, as prospective buyers find both limited choices and climbing home prices.
• Fewer home buyers signed contracts in January 2018 compared to last year, but at a slower pace of decline than previous months. New pending sales decreased 3.5 percent to 436, yet were 2.6 percent greater than the 5-year January average of 425.
• Price growth continues to stall as Loudoun County’s median home sale price was $450,000 in January— unchanged from this time last year.
• New listing activity increased in January versus last year (13.3 percent), reversing recent months of decline. Loudoun County added 586 new homes to the market in January. 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 continued to sell faster than last year, with half of the January sales listing for 28 days or less—down from January 2017’s median of 33.
• Loudoun County home sellers received, on average, 97.4 percent of original list price in January.
• Condos saw record numbers of both January new listings and closed sales.
• Ashburn’s 20148 and 20147 had significant increases in closed sales, new pending sales, and new listings.
For more information, read the report.