Special to The Washington Post
This is the time of year when home buying optimism sprouts and blooms like the crocuses in my front yard. The weather gets a little warmer, the pulse starts racing, and the hunt is on for the home that makes you catch your breath when you step into the front foyer.
Buyers hearts are racing right now, for sure, but not for the reasons we expect: There are very, very few homes to pick from in Loudoun County right now.
Many of our ‘move up’ buyers in the county (going from condo to townhome, or townhome to single family home) tend to shop for homes in specific neighborhoods or school districts. Right now, that’s an extremely difficult task.
Sure, the listings have been coming on market: in the last month, there have been 536 new listings (not including new construction) available in Loudoun. But a full 31 percent of those have already gone under contract or sold.
Yes, you read that right. Nearly a third of the homes that went on market in the last month have already found buyers. That’s across the whole county, all home styles and prices. There are pockets of the market moving faster. No wonder buyers are having a hard time!
Some neighborhoods have no homes available at all…what a change from just a year or two ago, huh? Look at this, here’s the number of homes available in these neighborhoods:
Ashburn Village: 20
Ashburn Farm: 13
Potomac Lakes: 17
Potomac Station: 7
…and that includes townhomes, condos, and single family homes. Those are some of the largest neighborhoods in Loudoun.
According to the stats, our current absorption rate for the county shows just barely two months of inventory at the current rate of sales. That’s a seller’s market…how times have changed! Keep in mind that the homes going under contract are priced appropriately and are in good showing condition, and prices are not starting to jump way up like the craziness of the market in years past.
But the good news is that if you want to sell your home, you can most likely do so with confidence this year.
Read more at my blog, LocoMusings.
Other Where We Live blog posts by Heather Elias:
Heather Elias is a real estate agent at Century 21 Redwood Realty in Ashbur and blogger at LocoMusings.
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