April 2019 Loudoun County Market Trends Report: Inventory Tightening Continues


Overview

  • Inventory remains near historically low levels. There were only 970 active listings in Loudoun County in April 2019, the fewest number of April active listings in Loudoun County in at least a decade.
  • While the number of active listings has increased off of the decade low set in January, the number of April active listings was 35.0 percent below the five-year April average of 1,493.
  • Inventory tightening also continued to be widespread, the number of active listings decreased year-over-year in eight of the ten zip codes analyzed.
  • Indicating that inventory will likely continue to tighten in the coming months, the number of new listings decreased 12.3 percent from April 2018 to April 2019.
  • With such tight inventory, it is notable that the number of new pending sales increased from April 2018 to April 2019, albeit a modest 0.8 percent.
  • In concert with the tight inventory, the number of closed sales decreased 11.6 percent year-over-year from 636 closed sales in April 2018 to 562 closed sales in April 2019.
  • The median DOM of sold homes declined to the fewest days in over 5 years. The median days on market of homes sold in Loudoun County was just 15 days in April, reflecting strong competition for a limited supply of homes.
  • In addition to selling quickly, sellers are also receiving nearly full asking price, the average SP to OLP ratio increased to 99.1, matching the previous April average SP to OLP ratio peak in April 2017.
  • Finally, the median sales price of sold homes set an April record, increasing 6.3 percent from $475,000 in April 2018 to $505,000 in April 2019. This is the first time that the median price of sold homes in April in Loudoun County was above $500,000.

For more information, read the full report.