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

• Homes for sale: 460
• Closed sales: 117
• Average sold price: $414,047
• Average days on market: 70

After reporting last month that prices in Leesburg were down 20% from one year ago, this month shows that prices are up 15% when compared to December 2008.  Since December 2008 was the lowest point for home prices in most of the Northern Virginia market, going forward the price comparisons may get harder to beat. Even though inventory is down 32%, there are still 460 houses to choose from. With interest rates around 5% and sellers still willing to assist with closing costs, Leesburg offers a great buying opportunity at an affordable price.

In addition, Leesburg is home to a large outlet mall at the corner of Virginia State Route 15 and Route 7. Within that same area are numerous national chain restaurants of all price points and cuisines.

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: 543
• Closed sales: 112
• Average sold price: $373,530
• Average days on market: 64

Prices in Leesburg are down 20% from one year ago and still dropping. A large segment of the houses for sale in Leesburg were bought when the market was at its peak, and now have become either foreclosures or short sales–houses without equity where the current mortgage holder has to approve the sale of the house.

Downtown Leesburg is a quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops and restaurants, the Loudoun County Courthouse, and numerous small offices that house lawyers and legal related services. Many employment hubs are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and the Route 28 employment centers.

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: 571
• Closed sales: 88
• Average sales price: $400,991
• Average days on market: 66

The average sales price of $400,991 is up 15% from the same time last year. Meanwhile the median sales price of $344,000 is up 6.9% from the same period one year ago. The selection of houses available to purchase has been reduced by 26% from one year ago and is up 5% from last month. Interest rates of approximately 5.25% and today’s prices keep the affordability index very high for both first-time and repeat buyers. Buyers are out in force to take advantage of these favorable trends.

Leesburg has a tremendous selection of retail opportunities in the Leesburg Corner Premium Outlets at the intersection of Route 7 and Route 15 in Virginia. White’s Ferry is just north of Leesburg off of Route 15 and connects Loudoun County, Virginia with Montgomery County, MD. Taking the Ferry makes for a low stress way to reduce driving between Maryland and Virginia; especially now with the changing colors of the leaves in the fall.

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