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

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 September 3, 2010
Median List Price:	$587,880	Average List Price:	$644,239
Total Inventory:	297	Price per Square Foot:	$157
Average Home Size:	3,911	Median Lot Size:	10,203
Average # Beds:	4.36	Average # Baths:	3.78
Homes Absorbed:	28	Newly Listed:	15
Days on Market:	108	Average Age:	8

90-day stats for Condo properties in ASHBURN, VA as of September 3, 2010
Median List Price:	$319,623	Average List Price:	$316,563
Total Inventory:	342	Price per Square Foot:	$161
Average Home Size:	1,890	Median Lot Size:	n/a
Average # Beds:	2.89	Average # Baths:	2.71
Homes Absorbed:	34	Newly Listed:	19
Days on Market:	99	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

Single Family Homes

90-day stats for Single Family properties in ASHBURN, VA as of September 3, 2010
Median List Price:	$587,880	Average List Price:	$644,239
Total Inventory:	297	Price per Square Foot:	$157
Average Home Size:	3,911	Median Lot Size:	10,203
Average # Beds:	4.36	Average # Baths:	3.78
Homes Absorbed:	28	Newly Listed:	15
Days on Market:	108	Average Age:	8

Condos and Townhomes

90-day stats for Condo properties in ASHBURN, VA as of September 3, 2010
Median List Price:	$319,623	Average List Price:	$316,563
Total Inventory:	342	Price per Square Foot:	$161
Average Home Size:	1,890	Median Lot Size:	n/a
Average # Beds:	2.89	Average # Baths:	2.71
Homes Absorbed:	34	Newly Listed:	19
Days on Market:	99	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

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

It’s the end of July and the Ashburn real estate market continues to roll right along nice and strong. Inventory levels are low, and multiple offers are the norm in most of the lower price points (although the multiple offers aren’t causing price run-ups like what we saw in 2004 and 2005.) The statistics below match up well with what I’m seeing in my day to day interactions with buyers and sellers.

To me, the most noticeable point is looking at the number of homes absorbed versus the number of newly listed homes.  (That’s classic supply and demand, folks.) When there are more homes selling (being absorbed) than there are new listings, the inventory is getting lower~~ and it’s already low! The 20147 zip is particularly strong in that area, while the 20148 zip is merely keeping up, or close to it.  The price per square foot is consistent throughout Ashburn, but median list price is higher in 20148 (where the average age of homes is half what it is in 20147).

If you would like free reports emailed to you specific to your zip code and home type, just use the Subscribe Now box at the top right. (Don’t worry, I won’t spam you with anything, I hate spam as much as you. <smile>) And if you want more information, would like to chat with me about your options, or have specific questions, hit the Ask Heather button and reach out! (or call me, that works too!)

Cheers,

Heather

Welcome to Ashburn Market Stats! I have set up this blog in response to the requests of my blog readers at LoCoMusings.com, who wanted to see more statistical data for the Loudoun County real estate market. This site will delve a little deeper to look specifically at what is happening in the Ashburn area. If there is a particular statistic you are looking for, feel free to contact me and I’ll add it to the site for you. And please comment on posts or reach out to me if you have any questions or need real estate assistance.

Here are some other sites of mine that you might find interesting and/or helpful:

• LoCo Market Stats …overall market data for the Loudoun County Real Estate Market
• Leesburg Market Stats …market data specific to Leesburg

More sites to come include SterlingMarketStats.com, check back for the announcement of it’s launch in the next week.

Cheers,

Heather