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

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

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 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

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

Pretty easy to see from that graph that single family home inventory is still dropping like a rock in Ashburn right now. Homes absorbed is still outpacing homes listed…a grand total of 14 single family homes came on market last week in all of Ashburn. Still feel like a buyers’ market? I hear agents in my office asking around now, “Hey, I have a buyer that needs…” (whatever type of home, whatever price range)..”Anybody have a listing coming up that might fit?” Times have changed rapidly from the high days on market, high inventory from last year…

Inventory 219

Questions? Just ask!

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