Here's a breakdown of the amount of housing supply in Eastern Loudoun County by zip code:
20152 - 3.8 month's supply
20148 - 3.9 month's supply
20147 - 2.6 month's supply
20166 - 3.3 month's supply
20165 - 1.9 month's supply
20164 - 1.7 month's supply
20176 - 4.8 month's supply
20175 - 4.0 month's supply
What do these "month's supply" numbers mean? The general rule of thumb is,
- more than 6 month's supply = buyer's market
- 4 to 6 month's supply = balanced/equal market
- less than 4 month's supply = seller's market
Sellers, don't get too excited - regardless of how little inventory there is on the market, you must price your property correctly or it will sit on the market collecting "Days On Market" and dust (more about this coming up in a post soon).
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I agree. I don't sell much in Loudoun, but have done 3 transactions in past few months, all short sales/foreclosures/all Countryside/Sterling. My clients and I chase other agents from house to house. Same in Alexandria & Arlington where I do more business. The market is hotter than buyers think if the property is well priced. Real estate goes from the bottom up. Those lower end properties have to sell so people can buy up to something else. I really wish listing agent would change remarks to show "working with an offer" or something though so we can move on.
Posted by: Pat Kline | March 31, 2009 at 12:06 PM
This is good Danillo. You are correct. These homes are selling at this rate because they are priced well. I enjoyed speaking with at Highland. All the best.
Posted by: JB | March 31, 2009 at 06:24 PM
Thanks JB. Good chatting with you too.
Pat - Saying "working with an offer" may help Buyer's Agents and buyers, but does it help or hurt the seller? The Listing Agreement may state that until an offer is "ratified" (not just "received"), the Listing Agent/Broker must continue marketing the property for sale.
Posted by: Danilo Bogdanovic | April 04, 2009 at 08:04 AM