Here's an analysis of the Loudoun County real estate market 2008 YTD versus the same period 2007, specifically supply and demand (aka inventory and buyer demand).
Here are the supply/inventory numbers:
- The number of listings that came on the market 2008 YTD is 4544.
- This is a 10 percent drop from the same period in 2007, which had 5074 listings come on the market
Here are the sold/buyer demand numbers:
- The number of homes that have sold* in 2008 YTD is 2491.
- This is a 5 percent increase from the same period in 2007, which had 2358 homes sell*
- The big jump in buyer demand came in May (check out the May figures here)
*by contract date
What the numbers tell us:
- The rate of new inventory coming on the market has decreased while buyer demand has increased
- This is good news for the Loudoun County real estate market and we should all hope that this trend continues
- This goes along with a previous observation that the Loudoun County real estate market is showing signs of strengthening (check out the post about that here)
These numbers confirm what buyers and I are noticing and experiencing first-hand while out in the field. We're seeing fewer choices and increased competition from other buyers. The properties that are priced well are getting picked up pretty quickly. The really good deals are getting offers within within a week or two of being on the market. Many of the great deals are getting multiple offers.
I will be posting the Loudoun County inventory and buyer demand numbers and analysis by zip code over the next few days. Stay tuned...
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