As of October 31st, for homes priced under $500,000; the inventory level rose to a 5.5 month supply. For homes priced between $500,000 and $700,000, the supply level is holding steady at approximately 9 months. For homes priced above $700,000; the market continues to remain stagnant; rising to an 18 month supply. And for homes with prices of seven digits or more, there is an overwhelming 36 month supply of homes.
Post Election Comments....
The last couple of weeks of October, it certainly felt to me like our local activity level slowed a bit as neighbors were drawn to the television wondering what bank would fail next, what the stock market would do and which Presidential Candidate would solve the economic problems of the world.
Now that the election is over, I heard agents across the country breathing a sigh of relief, almost immediately, as they reported an increase in buyer traffic to their listings. I am getting more calls from buyers, and suspect that the year will finish strong, although I still feel hesitancy in many sectors of the market.
Here in Loudoun and neighboring areas, we expect to be hit with a large activity level as the "changing of the guards" takes place over the next few months. Northern Virginia always has high activity levels following elections, especially when there is a change in party. At the same time, I expect buyers to focus on buying homes that suit their needs, foregoing unnecessary luxuries. Families making over $250,000 have seen much of their perceived wealth disappear with the changes in the economy, and many fear coming tax changes promised by President Elect Obama. This will keep them from spending more than necessary on homes; and further delay recovery in the top sector of the market.
MORE RESOURCES...........
See comments on previous months' stats in Loudoun County:
- September 2008 Market Statistics for Loudoun
- August 2008 Market Statistics for Loudoun
- July 2008 Market Statistics for Loudoun
- June 2008 Market Statistics for Loudoun
- May 2008 Market Statistics for Loudoun
Click HERE to view the reports as published by MRIS. Click on News and then on Market Statistics.
To see the graph and other historical reports as published by the Dulles Area Association of Realtors, simply click HERE. Reports are available starting from 1997.
Order a personalized Market Snapshot to give you specific information about the sales activity in your Loudoun County neighborhood! Just Click HERE! This report links to the MLS and reports live data in a personalized format. It takes only about 10 minutes for the report to be calculated and emailed to you once it's ordered.
