February 2020 Loudoun County Market Trends Report: Activity Picks Up, but Inventory Remains Tight
- The median sales price of sold homes increased 5.3% percent from $468,750 in February 2019 to $493,750 in February 2020, the highest February median sales price on record.
- In addition to the record closed sales price, several indicators suggest that market activity is starting to increase prior to previous years.
- The number of closed sales in Loudoun County increased 11.6% from 292 in February 2019 to 326 in February 2020. This was the first increase in the number of February closed sales in Loudoun County since 2016.
- The number of new pending sales also increased in February, gaining 8.7% from 506 in February 2019 to 550 in February 2020. This was the third highest number of new pending sales in the past decade.
- Finally, the number of new listings also gained. The number of new listings increased 0.4% from 678 in February 2019 to 681 in February 2020. Although the increase was modest, it is another sign that activity may be finally starting to increase.
- While the three previous metrics indicated increased market activity, the number of active listings continued an unrelenting decline. The number of active listings decreased 20.5 % from 787 active listings at the end of February 2019 to 626 active listings at the end of February 2020, the fewest February active listings in the past decade.
- The tight inventory has continued to coincide with higher sales price to original list prices and fewer days on market.
- The average February SP to OLP increased for the second consecutive year, rising 0.7% from 98.6% in February 2019 to 99.3% in February 2020.
- Finally, the median DOM continued to decline, falling from an already low 13 days in February 2019 to just 7 days in February 2019.
For more information, read the full report.