Brambleton Weekly Real Estate Update for 6/8/09 to 6/14/09

Quick Summary

New Listings: 2 (-3)

Under Contract: 7 (+5)

Sold: 2 (-1)

(Change from prior week.)

Introduction

May Loudoun County home stats are out.

Number of Sold Homes in May 2009: 438

Number of Sold Homes in May 2008: 511

Difference: -14.3%

Number of Listings in May 2009: 2,338

Number of Listings in May 2008: 3,486

Difference: -32.9%

Average Sales Price in May 2009: $366,294

Average Sales Price in May 2008: $398,041

Difference: -8.0%

Inventory is down significantly compare to last year.  Although sales are down 14.3% from last year, the market is busy as ever.  Pretty much all good listings are getting multiple contracts.   It's really nothing new if you have been following my blog.  Numbers just confirm what I have been saying.  Now back to my weekly update.

As of today 6/16/2009, there are 45 active listings (-3) in MLS and 20 homes (-2) under contract in last 30 days.  This gives us an absorption rate of 2.2 which is same as last week's rate of 2.2.  Here's the breakdown of the active listings:

21 New Constructions (-3) , 12 Traditional Resales (0),  1 Foreclosures (+1) and 11 Short Sales (0).

New

According to MLS, there were 2 new listings.

Condo

1. Summerfield Napoli. 42435 HOLLYHOCK TER #202. $212,000. (Short Sale)

2. Centex O'Hare. 42573 HIGHGATE TER. $324,990. (New Construction)*

Single Family

1. Centex Porter. 42572 SWALLOWTAIL WAY. $499,000. 

*This listing came on the market on 6/15/09 so technically it belongs in next week's update.

Under Contract

According to MLS, 7 homes went under contract this past week.

Condo

1. Summerfield Como. 42459 ROCKROSE SQ. DOMM/DOMP: 142/106. $159,900. (Short Sale)

2. Centex Logan. 42625 HIGHGATE TER. DOMM/DOMP: 5/5. $279,000. 

Single Family

1. Centex Middleton. 42535 MAGELLAN SQ. DOMM/DOMP: 5/5. $315,000.

2. Centex Courtland. 42536 MAGELLAN SQ. DOMM/DOMP: 24/24. $334,900. 

3. Stanley Martin Ballou III. 23085 PECOS LN.  DOMM/DOMP: 61/61. $499,845. (Short Sale)

4. Miller & Smith Clara Bow. 42743 CHATELAIN CIR.  DOMM/DOMP: 52/52. $589,225. (New Construction)

5. Miller & Smith Clara Bow. 23191 HALES TRACE DR. DOMM/DOMP: 321/321. $649,920. (New Construction)

Sold

According to MLS, 2 homes settled this past week.

Format:  Model. Address. Sold Price - Subsidy = Net Price. DOMM/DOMP.

Townhouse

1. Beazer Chancery. 42438 REDSTONE TER. $412,500 - $0 = $412,500. DOMM/DOMP: 5/5.)

Single Family

1. Stanley Martin Elden III. 42635 EXPLORER DR.  Not Yet Closed. List Price: $479,900.  DOMM/DOMP: 4/4.  (Foreclosure)

Conclusion

Nothing new. I do have a Beazer Chancery hitting the market in about a week.  Contact me with 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.