April 2018 Loudoun Market Stats: Inventory and Sales are Down; Condos and Townhomes see Record Median Sales Prices
Inventory and sales are down; Condos and townhomes see record median sales prices
The following analysis of the Loudoun County, Virginia housing market has been prepared for the Dulles Area Association of REALTORS® by the Center for Regional Analysis at George Mason University based on analysis of MRIS multiple listing data from MarketStats by ShowingTime.
- For the 34rd consecutive month, Loudoun County’s active listings declined, reaching the lowest recorded April inventory number in over a decade. At the end of April 2018, inventory was 15.2 percent lower than the same point last year. This left 1,164 homes for sale at month’s end, with 2.1 months of supply heading into May.
- April sales in Loudoun County declined, as April’s 636 closed sales represented a decrease of 1.2 percent over April 2017. Despite last month’s spike in sales, the return to stagnant sales growth indicates low inventory suppressing sales which in turn limit choices for prospective buyers.
- More home buyers signed contracts in April 2018 compared to last year. New pending sales increased 5.9 percent to 787 and were 4.9 percent greater than the 5-year April average of 720. This may translate to increased sales in the coming months.
- New listing activity increased in April versus last year (+9.4 percent) as Loudoun County added 1,116 new homes to the market. The erratic change in new listings from month to month signals little long-term relief from the market’s consistently low home supply.
- Overall price growth stagnated in April as median sale prices rose 1.2 percent compared to last year, reaching $475,000. However, both condos and townhomes saw their highest median sales price on record at $317,000 and $440,000, respectively.
- Loudoun County homes continued to sell faster than last year, with half of the April sales listing for 6 days or less—down slightly from April 2017’s median of 7. This is the lowest median DOM in over a decade.
- Loudoun County home sellers received, on average, 98.8 percent of original list price in April. This is a slight decrease over last year.
For more information, read the full report.