Brambleton Weekly Update for 8/25/08 to 8/31/08

INTRODUCTION

As of today (September 2, 2008), there are 64 active listings in MLS and 24 homes that went under contract within last 30 days. This gives us an absorption rate of 2.7, which is better than last week’s rate of 3.0. Here’s the breakdown of all active listings in MLS:

33 new constructions, 17 regular resales, 6 foreclosures and 8 short sales.

It was slightly busier than last week. Below is the Realtor.com traffic report for one of my Ashburn listings. Based on the report, I figured there were 3 or 4 homes that sold last week and sure enough there were 4 homes that went under contract.




NEW LISTINGS

According to MLS, there were 6 new listings (2 new constructions, 3 normal resales, and 1 short sale) during the period of 8/25/08 to 8/31/08.

Condo
1. Centex Logan. 42638 HIGHGATE TER. $249,000. (Short Sale)
2. Summerfield Napoli. 2435 HOLLYHOCK TER #302. $250,000.

42638 HIGHGATE TER (Centex Logan) is listed again with a different realtor so it's really not a "new" listing.

2435 HOLLYHOCK TER #302 (Summerfield Napoli) was listed as new on last week's blog. Technically, it shoud of been listed as new on this week's blog.

Townhouse
1. Beazer Chancery. 42468 LEGACY PARK DR. $425,000.
2. Beazer Chancery. 42452 LEGACY PARK DR. $445,000.

42468 LEGACY PARK DR (Beazer Chancery) is also for rent. Asking rent is $2,350/mo.

Single Family
1. Stanley Martin Frost. RINGNECK PL. $479,990. (New Construction)
2. Stanley Martin Eliot. RINGNECK PL. $509,990. (New Construction)

UNDER CONTRACT

According to MLS, there were 4 homes (1 normal resale, 1 foreclosures and 2 short sale) that went under contract during the period of 8/25/08 to 8/31/08.

Condo
1. Summerfield Verona. 42506 HOLLYHOCK TER. $225,000. DOMM/DOMP: 13/13. (Foreclosure)

Townhouse
1. Beazer Chancery. 42499 CORTEZ TER. $400,000. DOMM/DOMP: 71/81. (Short Sale)

Single Family
1. Beazer Ashley. 22931 GOLDENROD DR. $585,000. DOMM/DOMP: 20/20. (Short Sale)
2. Centex Harrison. 42927 CONQUEST CIR. $599,900. DOMM/DOMP: 57/57. (Short Sale)


SOLD

According to MLS, 10 homes (5 new constructions, 3 normal resales, 1 foreclosure, and 1 short sale) settled or should have settled this past week.

Model, Address, Sold Price - Seller Subsidy = Net Sold Price, DOMM/DOMP.

Townhouse
1. Beazer Chancery. 2450 REDSTONE TER. $340,000 - $5,000 = $335,000. DOMM/DOMP: 32/32. (Foreclosure)
2. Miller & Smith Merlin. 23447 SPICE BUSH TER. List Price: $404,990. DOMM/DOMP: 24/0. (New Construction) **Not yet updated in MLS.**
3. Miller & Smith Merlin. 23449 SPICE BUSH TER. List Price: $404,990. DOMM/DOMP: 39/0. (New Construction) **Not yet updated in MLS.**
4. Miller & Smith Houdini II. 23441 SPICE BUSH TER. List Price: $428,740. DOMM/DOMP: 28/0. (New Construction) **Not yet updated in MLS.**
5. Miller & Smith Palisades. 23216 WASHBURN TER. List Price: $553,110. DOMM/DOMP: 40/0. (New Construction) **Not yet updated in MLS.**

2450 REDSTONE TER (Beazer Chancery) sold for $335,000. What a deal!

Single Family
1. Miller & Smith Rhapsody. 42571 ANGEL WING WAY. $450,000 - $0 = $450,000. DOMM/DOMP: 108/108. (Short Sale)
2. Centex Porter. 42557 REGAL WOOD DR. $490,000 - $0 = $490,000. DOMM/DOMP: 4/4.
3. Stanley Martin Elden III. 42610 GOOD HOPE LN. $520,000 - $520,000. DOMM/DOMP: 11/11.
4. Stanley Martin Roycroft. 23020 WHITE IBIS DR. $540,000 - $13,000 = $527,000. DOMM/DOMP: 41/41.
5. Miller & Smith Clara Bow. 42763 CHATELAIN CIR. List Price: $650,460. DOMM/DOMP: 28/0. (New Construction) **Not yet updated in MLS.**

42571 Angel Wing Way (Miller & Smith Rhapsody) sold for $5,000 over. This is not a suprise. This is the lowest priced single family that sold in Brambleton this year. This was a short sale. Citibank was the first trust and SunTrust was the second trust. Working with two banks can be complicated but we closed. Overall, we ended up with 5 contracts.

There were 2 homes that settled last week but the sale information wasn't updated in MLS at the time of my last week's blog. So here is:

1. 42492 MAYFLOWER TER #204 (Summerfield Milano). Closing is postponed to 9/22/08. This is a foreclosure.
2. 22760 HIGHCREST CIR (Christopher Companies Kenington). Sold for full listing price of $599,900. This is a normal resale.
3. 22858 ARBOR VIEW DR (Centexs Carlson). Sold for $650,000 with $15,000 towards closing netting $635,000. This is a normal resale.


OBSERVATIONS

Inventory is falling in Brambleton. This is the first time in 2 months where the number of active listings in MLS dropped below 70. I think we have the lowest number of resales in MLS for the whole year. Don't quote me on the last statement but I believe it's true. This is consistant with overall Loudoun Country real estate trends. Below is a graph from Dulles Area Association of Realtor's website showing the overall housing statistics in Loudoun County. Inventory is dropping and number of homes going under contract is increasing. So far 2008 is bucking the past trends. This is a sign that the real estate market is improving. So far it doesn't look like a fluke but a general trend. I'm watching the market carefully and I'll blog about the trends I see. At this point, the Fall looks promising. That's it for the week.




Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.