By Heather Elias
I’ve been up to my elbows in the spring market since my last column, and I have to say that I’m pleased by how busy and strong our local real estate market is here in Loudoun County.
According to statistics from Metropolitan Regional Information Systems (MRIS), our local multiple listing service, new signed contracts to purchase in LoCo for May were at the highest levels we’ve seen since May 2005. Meanwhile, median sold price across the county has risen 6.5 percent compared to May 2010, and the average sold price is coming in at 96.6 percent of the original list price. So if you are a buyer and you think that you are going to put the squeeze on a seller, think again: our inventory numbers are still low, and sellers for the most part are getting very close to their asking price. Townhome and condo inventory was actually down 30 percent in May, compared to the prior year!.
As of June 22, we had 1335 total resale listings active on the market in Loudoun. Of those listings, only 179, or 13 percent, were foreclosure or short sale, “distressed”, sales. We seem to have worked through most of that inventory here. If you are in the market to purchase here, you are more likely to be dealing with a typical sale now than you have been in the last few years.
For May, the most expensive home that changed hands in Loudoun was on Putters Green Court in in Leesburg. Sold for $1.395 million, the nearly 11,000 square foot home sits on 1.5 acres overlooking the Raspberry Falls golf course. The gourmet kitchen boasts double islands, Viking appliances, custom granite counters, and a fireplace, while the lower level is home to a commercial sized wet bar, tiered theater room and full exercise room. This luxury property was listed by Mark Stock of RE/MAX Premier in Ashburn, and sold by Jim Kerr of Keller Williams.