July 2018 Loudoun County Market Trends Report: Despite persistent low inventory, sales continue to rise; condo sales reach record high
- For the 37th consecutive month, Loudoun County’s active listings declined, reaching the lowest recorded July inventory number in over a decade. At the end of July 2018, inventory was 19.1 percent lower than it was at the same point last year. This left 1,197 homes for sale at month’s end, with 2.1 months of supply heading into August.
- New listing activity decreased in July versus last year (-6.3 percent) as Loudoun County added 714 new homes to the market. The erratic yet sustained decrease in new listings in recent months signals little long-term relief from the market’s consistently low home supply.
- July sales in Loudoun County continue their increase, as the month’s 734 closed sales represented a rise of 8.6 percent over July 2017. So far in 2018, sales are up 2.3 percent compared to the same period in 2017. Sales growth continues despite low active listings, yet growth is likely below its potential levels. Without new listings, sales growth contributes to the continual tightening of inventory which, in turn, can suppress future sales.
- Condos led sales growth for the third consecutive month, climbing 33.3 percent from July 2017. The 132 condos sold in July was the highest monthly number of closed condo sales on record. Heightened condo sales growth is not expected to slow, as contract activity increased 35.6 percent from July 2017.
- Loudoun County’s median home sale price reached $472,325 in July—an increase of 3.3 percent on an annualized basis. This is the highest July median sales value in over a decade.
- Overall, slightly less home buyers signed contracts in July 2018 compared to July 2017. New pending sales decreased 2.0 percent to 595, and were 1.2 percent less than the 5-year July average of 602. This may translate to a slowing of sales growth over the coming months.
- Loudoun County homes sold faster than last year, with half of the July sales listing for 9 days or less—equal to last month and down four days from July 2017’s median.
- Loudoun County home sellers received, on average, 98.5 percent of original list price in July.
For more information, read the full report.