Loudoun Real Estate finished the year with a bang.
The County closed 389 transactions for December and that's up from 328 in 2007.
The monthly average and median sales prices remain constant from November to December but the 1 year change is huge. The county's average sales price in December 2007 was $473,366 and has dropped to $355,293 in December 2008. The county's average median price in December 2007 was $410,000 and that has dropped to $310,000 in December 2008.
There is good news with the inventory for the county. We have 2,346 active listings on the market right now and the same time last year there were 3,212 active listings. The county is at it's lowest inventory since August 2005. Bringing down the inventory is crucial for stabilizing home values.
The pending contracts are 397 which is up from 282 same time last year. This would point to a better start for the new year. There is an increase in activity which is being fueled by historically low interest rates.
The bottom line- it's a great time to buy! If you have any questions please feel free to email me at stacy@sherrywilson.com.
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Great job, we'll be the first to follow your blog. Check out ours at YourNextVaHome.blogspot.com
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