On June 14, the Dulles Area Association of Realtors published the latest data on Loudoun County’s real estate market. In May, here’s what we saw:
Home Prices Increase by 5.1% YOY
- Houses on the market quickly commanding nearly full asking price. The median Days-On-Market decreased by 22 days from 35 days in May 2018 to just 13 days in May 2019. Furthermore, sellers are receiving nearly 100 percent of their original asking price; the Sales Price to Original List Price ratio increased to 99.5 in May.
- Inventory continues to hover near historic lows, however the year-over-year decline in the number of active listings was notably smaller than in previous months
- The median price of sold homes in Loudoun County increased 5.1 percent from $475,000 in May 2018 to $499,000 in May 2019.
The number of new listings in Loudoun county increased 4.4 percent year-over-year from 1,035 in May
2018 to 1,081 in May 2019.
• The change in the number of new listings varied by home type. The number of new listings of detached homes declined 0.4 percent. In contrast the number of new listings of town homes and condos increased 12.8 percent and 4.3 percent, respectively.
• The number of new listings increased in seven of the eleven zip codes analyzed. The largest increases in the number of new listings were in Sterling’s 20166 (+40.0%), Chantilly’s 20152 (+27.5%), and Sterling’s 20165 (+21.4%).
• The number of new listings declined in the remaining four zip codes analyzed. The only two zip codes where the number of new listings declined by 10 percent or more were Sterling’s 20164 (-15.6%) and Leesburg’s 20175 (-10.0%).
Average May SP to OLP Ratio Highest in a Decade
The average sales price to original list price (SP to OLP ratio) in Loudoun County increased year-over-year
in May by 0.4 percentage points. The increase was the fourth consecutive year-over-year May increase
and the highest May SP to OLP ratio in over a decade.
• The average SP to OLP ratio increased across all three home types in May. The SP to OLP ratio for condo units increase the most, increasing 0.7 percentage points from 98.5 in May 2018 to 99.2 in May 2019. The highest SP to OLP ratio, however, was for townhomes. The SP to OLP ratio for townhomes was 100.2, the only home type with an SP to OLP ratio that exceeded 100.
• The average SP to OLP ratio increased or remained unchanged in eight of the eleven zip codes analyzed. The largest year-over-year increases in the SP to OLP ratio were in Sterling’s 20166 (+1.7 percentage points) and Sterling’s 20164 (+1.0 percentage points).
• The average SP to OLP ratio declined in the remaining three zip codes. The only notable decline occurred in Aldie’s 20105 where the average SP to OLP ratio decreased 0.9 percentage points.
Here is a link to the full report on DAAR: https://dullesarea.com/wp-content/uploads/2019/06/DAAR-Housing-Market-Update-Loudoun-May-2019.pdf