2010 saw this market hit extremely hard with foreclosures.  Many of these homes had been totally abandoned and sat vacant for months at a time.  With the decrease in the number of homes on the market in substandard conditions the average sales price has recovered very nicely.

Let’s look at the statistics for zip codes 20175 and 20176:

All indications show that the Leesburg market will continue to enjoy a steady increase in value.  While Loudoun County has seen a slight decline in the average sales of $405,895 year over year, this is a refreshing highlight for the Leesburg Market, hit so hard by the distress property sales of last year.

Commentary and analysis provided by Jim Agnew, Avery Hess, Realtors, Dulles/Westfields Regional Office
Search for homes in Leesburg, VA and the entire DC Metro:www.averyhess.com

However, the Leesburg, VA statistics do not reflect the overall climate of Northern Virginia.  While most markets have shown modest gains in sale price along with slight decreases in number of active listings and slight increases days on market, the Leesburg market shows reverses in all trends.

This is probably dictated by the further commuting distance to employment centers, and by the age of the current properties on the market and the true lack of home sales compared to the hot bed of new home sales in the Southern Loudoun markets such as Ashburn, Aldie, and Chantilly.

Let’s look at the Statistics for April:

101 Sales for April, 2011 (Down 18% from 124 Sales in April 2010)

199 Listings for April, 2011  (Down 7% from 214 Listings in April 2010)

Average sales price for April, 2011 was $411,933  (Down 1.5% from the Average of $411,933 in April 2010)

Average days on the market listing to contract for April, 2011 was 80 (Up 36% from 51 days in April 2010)

When you are considering selling your home or purchasing a new home, pick a reputable, well know and well-capitalized company, interview at least 2 qualified agents, and move forward.  If you’re purchasing, interests rates are still at all time lows.  If you’re selling, join the market while there is still limited inventory and interest rates are still attracting buyers!

Commentary and analysis provided by Jim Agnew, Avery Hess, Realtors, Dulles/Westfields Regional Office
Search for homes in Leesburg, VA and the entire DC Metro:www.averyhess.com

I have been writing these market reports every week for different cities in Northern Virginia and I have watched the prices rise steadily from November/December 2008 through some time this past summer or fall.

Now it appears that prices seem to have softened up again. It reminds me of when I first started buying stocks. Right after I bought I would watch the newspaper each day. If my stock went up I thought I was so smart. If my stock went down I felt miserable. If it went down too many days in a row I panicked and sold it at a loss.
Warren Buffet, the great investor, says you want to buy when things are on sale; not when everyone is clamoring to buy and driving up the prices. Is Real Estate on sale? We won’t know that until we look back in a few years. Either way, it is going to cost you something to live someplace. You might as well let that monthly payment be building you some equity.

While you wait to decide, keep an eye on Leesburg.

The figures below reflect the Leesburg, Virginia market during the month of December 2010.

• Homes for sale: 451 (down from both 504 in November and 460 one year ago)
• Homes sold: 86 (Up from 71 in November, but down from 117 one year ago)
• Average sold price: $367,295 (down from 417,554 in November and down from $414,047 same time last year.)
• Average days on market: 73 (up from 69 in November and up from 70 one year ago.)

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

• Homes for sale: 570 (down a little from 585 in August and about the same as 571 one year ago)
• Homes sold: 87 (about equal to 86 last month and 88 one year ago)
• Average sold price: $410,491 (down from 431,213 in August but up from $400,991 same time last year.)
• Average days on market: 57 (down from 63 in August and down from 66 one year ago.)

One year ago the sales were influenced by the First Time Homebuyer Tax Credit. This year’s numbers are without benefit of a tax credit. Proof that buyers do not need stimulus from the government to know a good value when they see it and here in Leesburg it can’t be missed!
Interest rates are in the 4s. Is now a good time to buy? You decide.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

Fifty miles west of Arlington, a leisurely, winding drive along Route 7 sits Bluemont Vineyard. The winery rests on top of the highest hill in the area. At an elevation of 951 feet, their slate outdoor patio has sweeping vistas of the plains and farms below, and on a clear day, visitors can catch planes landing at Dulles Airport.

The place has an almost Colonial feel to it. When arriving, you might find gentlemen engaging in a form of craft-making. Last Saturday, standing to the side of the door was a retired man carving a table leg by hand, the wood flying on a spindle, a smile on his face as he enjoyed a reasonable warm November day.

Inside the feel of the winery is just as charming, with soft yellow walls accenting a grey stone floor. Eccentric wooden benches encircle unique wooden tables, an atmosphere that begets enjoyment. For just five dollars guests can enjoy six tastings, small sips of an array of different wines. Among the pours last week (they rotate depending on the mood of the server) were oaky chardonnays, fruity peach and strawberry wines, and a range of bold and dry reds. After the tasting, be sure to head upstairs, where local farmers bring wares to ply. Last Saturday, a Mennonite man offered samples of homemade cheese. Among his finest was a sharp, white cheddar, aged two years, crumbly yet soft.

A good second winery to visit, just ten miles back toward Leesburg, not far from the beautiful rural town, is Dry Mill Winery, the newest vineyard to hit the growing Virginia scene. But it may be its finest.

Dry Mill resides inside an old, converted barn, and the best place to do tastings there is the second floor banquet hall. The barn remains in the same state from when it was first built, with all the floors, exposed beams and trim still the original wood. Sharp white walls provide a lovely contrast to the dark oak. In the hall are two long tables, which can hold up to twenty people.

While the scenery at Dry Mill is nowhere near as picturesque as Bluemont, they make up for it with superior wines. While all their reds and whites tasted outstanding, their 2007 syrah packed a punch, a vintage and grape capable of holding its own against any syrah from any winery across the United States.

The red is a fantastic way to end an afternoon, a reminder that Virginia has the potential to one day be mentioned in the same breath as California. They already though, have the atmosphere and culture down pat though. While less than 45 minutes outside the Beltway, the wineries feel a country way, a Napa-esque world, right in our own backyard.

- David

The figures below reflect the Leesburg, Virginia market during the month of June 2010.

• Homes for sale: 585 (up a little from 576 in July and from 541 one year ago)
• Homes sold: 86 (down from 119 in July and 117of one year ago)
• Average sold price: $431.213 (down from 439,662 in July but up from $412,245  same time last year.)
• Average days on market: 63 (very stable through 2010, and down from 84 one year ago.)

The numbers in Leesburg prove that we do not need tax credits to sell houses. People know a good value when they see it and here in Leesburg it can’t be missed.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

The figures below reflect the Leesburg, Virginia market during the month of June 2010.

• Homes for sale: 621 (almost the same as 618 in May, and close to the 614 one year ago)
• Homes sold: 126 (up from 91 in May and close to the 132 of one year ago)
• Average sold price: $436.670417,479 (up from 417,479 in May and up from $420,963 in April and up from $410,940 same time last year.)
• Average days on market: 46 (down from 59 in May and 55 in April and way down from 80 one year ago.)

No tax credits, but the sales are still good and prices are stable to rising. Please congress, no more intervention in the markets, We need things to stabilize as they are now doing on their own, thank you very much! The real estate market is getting stronger everywhere in the DC Metro area as stable employment, low interest rates and good consumer confidence leads to a trifecta of positives for the market.

The figures below reflect the Leesburg, Virginia market during the month of May 2010.

• Homes for sale: 618 (down from 646 last month, and down from 643 one year ago)
• Homes sold: 91 (down from the tax credit induced frenzy  of 108 last month)
• Average sold price: $417,479 (down just a smidge from $420,963 last month but still up from $385,551 same time last year.)
• Average days on market: 59 (up from 55 last month and way down from 113 one year ago.)

Increasing consumer confidence combined with historically low interest rates have combined to help make it fun to trade up to a larger house again. Homeowners with equity are finding good demand for their homes and are happy with the supply of higher priced houses they have to choose from. Prices in Leesburg reflect this new healthy and stable market.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

• Homes for sale: 646 (up from 586 in March, and very close to the 662 one year ago)
• Homes sold: 108 (double the 54 of snowy February and up from 93 in March and up from 79 same time last year.)
• Average sold price: $420,963 (up from $380,889 last month and up from $382,406 same time last year.)
• Average days on market: 55 (down from 79 last month and way down from 93 one year ago.)

As we have been saying over the past year, prices in Leesburg have been rising steadily since December 2008 and are still trending up. For the first time in years, we are seeing a trade up market by those homeowners who did not over finance their property during the boom. With low rates, low prices and rising confidence, healthy housing consumers have decided to come back into the market.

We do not expect the expiration of the housing tax credit to have much effect on the housing market now that the recession is ending.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

• Homes for sale: 497 (down from 543 two months ago, and 625 one year ago)
• Closed sales: 54 (down from 112 in November when the first round of tax credits expired, and down from 117 in December when everyone was trying to close before the year end.)
• Average sold price: $363,410 (down $373,530 from two months ago, but up from $277,169 one year ago)
• Average days on market: 60 (stable over past two months and half the time it took one year ago)

Prices in Leesburg are up 29% from one year ago and bouncing around and still trending up. It is estimated that approximately 40% of the sales in Leesburg are either bank owned or short sales, where the bank has agreed to take a payoff that is less than the outstanding mortgage loan.

Downtown Leesburg is a Historic District of quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops, restaurants, art galleries, the Loudoun County Courthouse, and numerous small offices.  In addition, there are are multiple hospitals that service Leesburg. Part of the attraction to living in Leesburg is the easy access to employment areas that are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and Route 28.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com