Overview
- Inventory continued to tighten in December, despite a modest increase in new listings in November.
- There were only 786 active listings in Loudoun County in December 2018, the fewest active listings in over a decade for any month.
- The number of active listings declined 12.1 percent from December 2017 to December 2018; declines were recorded for detached homes, townhomes, and condos.
- The number of closed sales also decreased, recording a 19.7 percent decline from 467 in December 2017 to just 375 in December 2018. The number of closed sales in December 2018 was the fewest December closed sales since 2011.
- The number of new pending sales also decreased, but the decline was a more modest 6.4 percent.
- Likely a result of the low inventory, the average Sales Price to Original List Price (SP to OLP) ratio remained high at 98.2, declining only 0.1 percentage points from a decade high in December 2017.
- The median sales price of homes sold in Loudon County climbed 1.1 percent month-over-year, from $469,900 in December 2017 to $475,000 in December 2018.
- The number of new listings decreased month-over-year, declining 6.0 percent from 333 in December 2017 to 313 in December 2018 offering little indication that inventory conditions will improve in early 2019.
- Given that the active supply of homes for sale is 32.3 percent below the 5-year average, median sales prices and the average SP to OLP ratio will both likely remain elevated.
For more information, read the full report.