Leesburg, VA Market Report – 9/16/10

Leesburg is a very stable real estate market. Check out the stats below and see for yourself.

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

Leesburg, VA Market Report – 8/11/10

Time to buy a house? If so, check out Leesburg, Virginia. Why? See the stats below and make your own decision. But it looks good to me….

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.

Leesburg, VA Market Report – 6/17/10

After being overly stimulated by government interference into the real estate market via the various tax credits, the market is returning to a normal balance of supply and demand and normal negotiations between buyers and sellers.

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

Leesburg, VA Market Report – 5/13/10

With a great variety of retail and restaurants, plus houses of every size, age and type imaginable, a buyer can certainly find what they want at a price of their choosing in Leesburg, Virginia. The report below represents the market conditions in Leesburg, Virginia.

• 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

Leesburg, VA Market Report – 3/2/10

The market in Leesburg is hot. With houses of every size, age and type imaginable, a buyer can certainly find what they want at a price of their choosing. The report below represents the market conditions in Leesburg, Virginia.

• 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

Leesburg, VA Market Report – 1/20/10

• 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