Welcome to your weekly 5 Things Friday post where we cover the Loudoun county real estate market, fun things to do, and new things to try in the NoVA area!
The Market
No Price Relief for Buyers.
List prices continue to rise as we head into summer, tracking above last year at this time. The scarcity of supply continues to put heat on competition for buyers, and it is likely this trend will not relent for some time.
Listings are decreasing.
Listings are down 23% from last week. Homeowners continue to be very reluctant to list their home with the current market and are deciding to sit tight. Interest rates have not seen much of a decrease which exacerbates the idea of listing as sellers would have to take on a higher interest rate.
New purchase contracts are showing seasonal decline.
With inventory remaining scarce for homebuyers and listings declining, there are fewer opportunities for homebuyers to enter into contracts within their price range. The number of new purchase contracts is down 12.0% from last week and is also down by about as much from 2019 levels. It is likely that new contract activity will remain down for the next few months as low supply still lingers.
Family Fun
FIREWORKS!
The Fourth of July is an eagerly awaited day for many, where the spirit of patriotism and the love for our country fill the air.
As darkness falls, the sky transforms into a collage of vibrant colors and breathtaking patterns. The crackling sound of fireworks fills the air, accompanied by oohs and aahs of delight from the onlookers. The bursts of light illuminate the night sky, painting it with hues of red, white, and blue – a visual representation of the American flag. Each explosion is greeted with applause and cheers, creating a true symphony of joy and awe.
And, good thing for us, there are several areas in Northern Virginia that are gearing up with big displays to make this Fourth of July an unforgettable one. Here is the complete list!
Local Business Highlight
The Dell Food & Brew Hall
The Dell is located in the old Chefscape location in the Village at Leesburg and offers local chefs presenting global flavors in the Food Hall. Chefscape is still in the building, but has shifted focus to a private commercial kitchen.
Craft cocktails are still made at the Bar and there is freshly made craft beer by Water’s End Brewery.
The Dell is offering a beer club for those hardcore beer fans. Those fans will be invited to a private launch party on July 11 to taste the first five homemade brews.
Outdoor Activities
Manassas Bee Festival
The Manassas Bee Festival is a delightful and educational event that takes place at Liberia House & Grounds in Manassas. Interestingly enough, Manassas has the national designation of a Bee City USA! Coates Ellis, a master gardener and beekeeper along with her husband is responsible for this esteemed designation.
The Bee Festival celebrates the important role that bees play in our ecosystem and is an opportunity to raise awareness about their conservation. This is the third year of the festival and the first two were wildly successful with thousands of guests attending. There will be 150 vendors this year in anticipation of the growing interest.
Planned events include yoga on the lawn, honeybee hive demonstrations, live music and a spelling bee. More information can be found here.
Try This!
Summer Concerts at Tarara Winery are in Bloom!
It’s that time of year again…time for Tarara’s Summer Concert Series!
Grab your friends, a chair or a blanket, and your will to party like it’s 1999 (for the 24th time)!
Concerts are every Saturday night at Shadow Lake at Tarara Winery from Memorial Day Weekend through the last Saturday of September and groove to some tunes under the stars.
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