Welcome back to our weekly Loudoun County real estate market update. Today, we’re diving into the latest numbers for the week ending September 10, 2023. We’ve got some interesting dynamics to unpack, so let’s get right to it.
Homes Sold: A 41% Dip
First up, let’s talk about the number that’s on everyone’s mind – homes sold. This week, we saw a 41% decrease compared to the previous week.
Before you hit the panic button, let’s consider a few factors. Seasonality plays a role in real estate, and as we inch closer to the holiday season, it’s not uncommon to see a slight dip in home sales.
Homes Under Contract: Holding Steady
Homes under contract have remained relatively flat. This suggests that while the number of actual sales has decreased, buyer demand isn’t necessarily plummeting.
Seasonal patterns may be influencing this trend, so keep an eye on upcoming weeks to see if this levels out.
Active Listings Surge by 33%
Now, here’s where things get interesting. Active listings have surged by a whopping 33%. What could be behind this surge? It’s possible that sellers are eager to get their homes off the market before the holiday rush begins. In a competitive market like Loudoun County, this surge in listings may be a strategic move by sellers.
Average Days on Market: Only Up by a Day
The average days on market have seen a slight increase, up by just one day compared to the previous week. Again, this could be attributed to seasonality or a possible dip in buyer demand. However, it’s essential to note that the average days on market still remain relatively low, in comparison to a normal market, indicating the market continues to remain competitive.
Average Close to List Price Ratio on the Rise
Lastly, let’s talk about the average close to list price ratio, which has seen a slight increase. This tells us that, despite the increase in active listings, the Loudoun County real estate market remains highly competitive. Buyers are still willing to pay over the list price, emphasizing the continued lack of available homes.
While the dip in homes sold may raise eyebrows, it’s crucial to view these numbers in the context of seasonality and market dynamics. Loudoun County’s real estate market remains competitive, with sellers strategically listing their homes before the holiday season kicks in.
Remember, these market trends can change week by week, so stay tuned for next week’s Loudoun County real estate market update!
If you’re looking to buy or sell in Loudoun County, consider reaching out to us so that we can provide you with personalized insights into the current market conditions.
For last week’s update click here
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