Remember how back in April I was writing about how it was slim pickin’s for homebuyers in Ashburn? Yup, that has changed, and dramatically. Since the first time homebuyer tax credit ended on April 30th, our inventory has risen tremendously…there are now more than twice as many homes on the market. Now that we don’t have the tax credit muddying the waters, we should have a clearer picture of where our local real estate market stands. At this point, it means higher inventory, and slightly shorter days on market. Median price is overall slightly higher for condos and townhomes, while slightly lower for single family homes. I expect that until that inventory gets absorbed, we will see days on market creeping up again, while median price settles down a bit. In any case, it’s going to take a little time, now that the spring market is ending, before we see where things are going. If you are thinking about making a move now, either buying or selling, please reach out so that I can give you advice that is tailored to your specific situation.

Cheers,

Heather

Single Family Homes

Condos and Townhomes

The rush is over…to take advantage of the first time homebuyer tax credit, you needed to be under contract to purchase by the end of last month. Since the Loudoun County real estate market got really busy starting at the beginning of the credit, I had a feeling that we’d see some dramatic changes once it was over. Pretty easy to see that inventory levels jumped up immediately, and median price spiked up (from demand) and then corrected back down to where it was before. We’ll have to see what happens over the next couple of months; I’m curious if it will be crickets chirping quiet, or whether buyers that weren’t eligible for the credit will now have homes to choose from.

Cheers,
Heather

I’ve been looking at inventory numbers this week for all of Loudoun County, Leesburg, and western LoCo. Nowhere is the dropoff in available homes for sale more dramatic than in Ashburn. Take a look at this! (Keep in mind that the condo chart includes townhomes, too.)

Wow. Do you think that first time homebuyer tax credit running out the end of this month is affecting sales? Heck yes! There are hardly any homes for sale in Ashburn right now! With around 285 active listings, and 157 homes going under contract in the last 30 days, there is less than a two month inventory of homes…which means it’s a sellers market right now. I have no idea (and am interested to see) what will happen after this month, when the tax credit is no longer affecting the market.

If you are thinking of selling this spring, I’d highly recommend getting on market this week: very little competition, and highly motivated buyers. If you are looking to buy this month, make sure you are working with an agent that is getting new listings to you on a daily basis, so that you don’t miss out.

Here’s a map and information about all the homes currently for sale in Ashburn.

Cheers,

Heather

One of the statistics that I don’t look at very frequently is median price per square foot, because it tends to not trend up or down very much in the short term. But as we come into the spring market, it’s helpful to know how different zip codes compare. Looking in Ashburn at single family homes, you can clearly see that it is less expensive (per square foot) to live in the 20147 zip code than it is for 20148. And apparently, the price is trending up in 20148.

Single family homes

The same holds true for condos and townhomes; 20147 is more affordable (and stable, from a price standpoint) while 20148 is more expensive and trending higher.

Condos and Townhomes

If you are thinking about making a move this spring, and you would like to see statistics specific to your neighborhood, or the neighborhoods you are interested in, just hit the Ask Heather button and let me know what you are looking for.

Cheers,
Heather

We haven’t looked at stats tables for Ashburn in a while, so let’s see what happened with the market last week while we had a whole bunch of snow on the ground:

90-day stats for Single Family properties in ASHBURN, VA as of July 23, 2010
Median List Price:	$595,123	Average List Price:	$649,488
Total Inventory:	326	Price per Square Foot:	$156
Average Home Size:	3,980	Median Lot Size:	10,387
Average # Beds:	4.39	Average # Baths:	3.83
Homes Absorbed:	11	Newly Listed:	25
Days on Market:	110	Average Age:	8

90-day stats for Condo properties in ASHBURN, VA as of July 23, 2010
Median List Price:	$318,658	Average List Price:	$314,443
Total Inventory:	376	Price per Square Foot:	$159
Average Home Size:	1,887	Median Lot Size:	n/a
Average # Beds:	2.88	Average # Baths:	2.73
Homes Absorbed:	12	Newly Listed:	36
Days on Market:	98	Average Age:	9

Interesting..look at the “homes absorbed” versus “homes listed” numbers for both single family homes and condo/townhomes….when they match like that, it means that homes are selling as quickly as they hit the market.  The average days on market still feels high to me when we are seeing that kind of market activity, I attribute it to the short sales that skew the data. If there was a way to separate out “traditional” sales (not a foreclosure or short sale) I bet we would find very short days on market, bordering on seller’s market, because of the low amount of inventory available.

Want market data specific to your neighborhood and home type?  Try out the What’s My Home Worth function to get a customized report. (It’s great, has up to date info, clickable listing information and maps on active, under contract, and sold listings.)

Cheers,

Heather

The spring market is due to start any moment here, just as soon as anyone can dig out from under all of this snow and start selling houses…so let’s take a peek at where the median price is for the different zip codes in Ashburn (keep in mind that condos really means condos and townhomes)…

Welllll, hello stability! Consistent across both zip codes, and for both single family homes and condo/townhomes, median price has stayed very stable since last March, with little variation at all.  Maybe we should peek at inventory, then…

Hmmm. That looks like a normal spring rise in inventory, then dipping back down as summer turns to fall (except for condo/townhomes in 20148, which has been steady).  Truly, there is not a whole lot of available inventory in *any* price point at the moment, so I’m hoping we see inventory climb a little bit soon so buyers have more to pick from!

If you are thinking about selling, and would like more specific information on what your home is worth, please hit the Ask Heather button and send me some specifics. Or, if you are considering buying this spring, you can hit the same button and tell me what you are looking for, and I can help you get a detailed market picture based on your criteria.

Cheers,

Heather

Single Family Homes

90-day stats for Single Family properties in ASHBURN, VA as of July 23, 2010
Median List Price:	$595,123	Average List Price:	$649,488
Total Inventory:	326	Price per Square Foot:	$156
Average Home Size:	3,980	Median Lot Size:	10,387
Average # Beds:	4.39	Average # Baths:	3.83
Homes Absorbed:	11	Newly Listed:	25
Days on Market:	110	Average Age:	8

Condos and Townhomes

90-day stats for Condo properties in ASHBURN, VA as of July 23, 2010
Median List Price:	$318,658	Average List Price:	$314,443
Total Inventory:	376	Price per Square Foot:	$159
Average Home Size:	1,887	Median Lot Size:	n/a
Average # Beds:	2.88	Average # Baths:	2.73
Homes Absorbed:	12	Newly Listed:	36
Days on Market:	98	Average Age:	9

In Ashburn, for the week ending November 27th, it looks like the real estate market is still steady as she goes. We are still seeing homes generally being absorbed (going under contract or off market) at basically the same pace as new listings are coming on market (therefore, inventory is still not growing). Average price per square foot is right around $160 no matter what your home type. The average days on market is still considerably less for condos and townhomes than it is for single family homes, even though the inventory numbers are similar. (That’s because of the lower price range being a touch more active.)

Questions? Want to know what these numbers mean in terms of your home value? Just reach out to me and ask, it’s what I do. (smile)

Cheers,

Heather

This table shows condos and townhomes (combined stats) for 20147. Homes are still being absorbed at the same rate that they are going on market.

Average Days on Market for homes in ASHBURN, VA 20147 as of Oct. 23, 2009 is 121

Right now, it takes about 60 days longer to sell a single family home than it does a townhome or condo. Personally, though, I think that the numbers we see here are not really indicative of what is happening in the market. The short sales (due to the length of time that they show as active, even while offers are pending) are skewing the numbers. I am seeing traditional sales take far less time than 120 or 180 days to go under contract.

Cheers,

Heather

Keep in mind that when the chart says condo, it is actually condos and townhomes. You can see that homes absorbed is a little less than the number of homes newly listed, which means that the inventory expanded ever so slightly this week.

Median Price for homes in ASHBURN, VA All ZIP Codes as of September 18, 2009 is $299,888

Inventory for homes in ASHBURN, VA All ZIP Codes as of September 18, 2009 is 225

Pretty easy to see that prices are nice and flat (read: stable!) for detached homes as well as condos and townhomes. Inventory has climbed just a touch in the last couple of weeks. I\\\'ll be watching to see if this continues, or if this is just a blip on the charts. Specific questions about the market, or want more information? Just hit the Ask Heather button up in the top right!

Cheers,

Heather

Most of the time, when I pull up the statistics for a town or zip code, I can look at different types of statistics and see how they are working in conjunction with each other, and it meshes with what I am seeing in the marketplace. I have to say, though, that when I look at the condo/townhome market statistics for Ashburn right now, I’m left scratching my head….not over the stable median price, or the steadily dropping inventory, but the rising days on market sticks out like a sore thumb! Granted, seeing a jump up from 112 days to 125 days isn’t huge, but if this is a new trend, I can’t tell where it is coming from. If the days on market keep going up, then inventory should flatten out…Guess this is just one stat we are going to have to keep an eye on!

Median Price $299,900

Inventory 217

Average Days on Market 126

Questions? Just hit that Ask Heather button at the top and reach out to me! (Or if you prefer, call me on my cell phone at 571-233-5491 or email me at info@heatherelias.com)

Cheers,
Heather