Here's a little peak into the key market trends that we are seeing at the moment ...
🏡 Pending home sales (those under contract) are down 5.9% over this same time last year. Certainly much of this recent decline is related to COVID-19, but it is worth noting that this is the 3rd drop in the past 4 quarters.
🏡 Even though home sales are a bit more "sluggish" right now, the median sale price jumped 12.1% in March! An important note ... those sales in March came from contracts in January/February (pre-COVID). Prices have softened in some areas from more recent sales.
🏡 Lovettsville makes the news!! As of the end of March, the number of active listings on the market is down 26.3% over this same time last year. Inventory has decreased throughout Loudoun EXCEPT for Lovettsville, which had 9 more active listings over this same time last year. Interpretation: COVID-19 is a direct impact on inventory at the moment. We will most likely begin to see a shift from seller's market to buyer's market (an indicator is increased inventory compared to number of sales) ... and when we see these shifts they tend to start west and travel east.
Curious about how this market data affects YOUR specific home and situation? Call or text us at 703-999-3601. We are here to help!
Data Source: Dulles Area Association of Realtors
