Brambleton 2008 Quarter 4 Summary

INTRODUCTION

I'm still waiting for 2008 December data from Dulles Area Association of Realtor's website.  It looks like they update it on the 10th of each month.  I'll publish my first annual summary after DAAR published their annual report to compare Brambleton with rest of Loudoun.  Meanwhile, here's the most current Loudoun County home data. 

2008 Loudoun Sales (Up to November)

2008 Loudoun Market Data (Up to November)

2007 Loudoun Market Data

Here we go with Brambleton 2008 Q4 summary.  

I thought the resale market for 2008 Q4 would be little busier but it turned that the number of resales were same for both 2007 Q4 and 2008 Q4 with 17 sales each.  Big part of the reason was decrease in inventory.  If you look at DAAR's data, there were about 20% less homes on the market from a year ago.  So in proportion to the inventory, this year was better.  It's hard to say this for sure until Dec numbers come out.  When I do the annual summary, I'll touch on this more. 

QUICK SUMMARY

Number of Resale Homes Sold in 2007 Q4: 17
Number of Resale Homes Sold in 2008 Q4: 17
Change: No Change 

Average List Price in 2007 Q4: $471,429
Average List Price in 2008 Q4: $392,712
Change: 16.7% decrease  

Average Net Price (Sold Price - Subsidy) in 2007 Q4: $451,431
Average Net Price (Sold Price - Subsidy) in 2008 Q4: $381,408
Change: 15.5% decrease  

Average DOMP in 2007 Q4: 103.6
Average DOMP in 2008 Q4: 46.4
Change: 55.3% increase 

Number of Short Sales 2007 Q4: 1
Number of Short Sales 2008 Q4: 4
Change: 300% increase 

Number of Foreclosures 2007 Q4: 9
Number of Foreclosures 2008 Q4: 9
Change:  No Change

Percentage of Distressed Resales in 2007 Q4: 58.9%
Percentage of Distressed Resales in 2008 Q4: 76.5%
Change: 30.0% increase 

Click here to view all resales in 2007 Q4 and 2008 Q4 in spread sheet format.
Click here to download all sales in 2007 Q4 in PDF file with photos. 
Click here to download all sales in 2008 Q4 in PDF file with photos.

SAME MODEL COMPARISON BETWEEN 2007 Q4 & 2008 Q4

In this section, I like to compare the same models that sold during these periods so that I can compare apples to apples.  Please keep in mind that single families are harder to compare because of many types of variations such as elevation, finished basement, bump outs, extensions, decks, etc..


Short Sale 

Foreclosure

Condos

2007 Summerfield Verona: $290,000 - $10,000 = $280,000
2008 Summerfield Verona: $215,000 - $6,450 = $208,550

Change: 25.6% decrease

 Condos took the higgest hit in Brambleton and rest of the outside of the Beltway. I know there was one Verona that sold for 380k+ couple years back. Now it's about 40% off all time high.


Townhouses

2007 Miller & Smith Merlin: $440,000 - $0 = $440,000
2008 Miller & Smith Merlin: $333,000 - $500 = $332,500
Change: 24.4% decrease

2007 Beazer Chancery: $440,000 - $10,000 = $430,000
2007 Beazer Chancery: $455,000 - $13,095 = $441,905
2007 Beazer Chancery: $450,000 - $10,000 = $440,000
2007 Avereage Sales Price: $437,301.67

2008 Beazer Chancery: $389,000 - $0 = $389,000
2008 Beazer Chancery: $400,000 - $5,000 = $395,000
2008 Average Sales Price: $392,000

Change: 10.4% decrease

Single Families

2007 Beazer Ashley: $620,000 - $0 = $620,000
2008 Beazer Ashley: $519,900 - $14,900 = $505,000
Change: 18.5% decrease

2007 Centex Harrison: $620,000 - $0 = $620,000
2008 Centex Harrison: $585,000 - $4,223 = $580,777
Change: 6.3% decrease

SUMMARY

Without the final December numbers from DAAR, I can't draw a firm conclusion so I'll hold off until the annual summary after DAAR releases their final 2008 numbers.  Basically, we have an idea.  Inventory is down, prices are down and generally sales are up.  Let me know if you have any questions.


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.