According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance
Loudoun County Market Update For April 2016
April 2016 Loudoun County Market Trends Report: Homes Selling Twice as Fast as 2015 with Re-emergence of Seller’s Market prepared for the Dulles Area Association of REALTORS® based on an analysis of MRIS/MLS multiple listing data by ShowingTime RealEstate Business Intelligence (RBI). The report is sponsored by DAAR Affiliate Tom Ciolkosz, Access National Bank, (703) 871-1045, [email protected] and Patty Foster, 703-871-1014, [email protected]
• Loudoun County’s median sales prices increased for the 8th consecutive month in April, climbing 3.6 percent to $434,900. This marks a 38 percent appreciation versus the $315,000 low of April 2009.
• Though closed sales declined slightly for the second straight month, contract activity in April spiked 10.9 percent versus last year, indicating closed sales growth should return again in May.
• New listing activity decreased versus last year for the 11th time in 12 months, with the 1,256 homes added in April missing the April 2014 tally by 2.5 percent.
• Inventories continue to shrink as purchase activity picks up while listing activity shrinks. The 1,789 active listings at month’s end are 17.5 percent less than last year and represent 3.5 months of supply.
• Half the homes sold in April’s seller’s market were listed for 12 days or less; this is half the median DOM seen in April 2015 when the market was more balanced with 4.7 months of supply. There are only 1.9 months of townhouse supply available, driving the segment’s median DOM down to only 8 days.
• Competition among buyers has driven the average amount of original list price received at sale up to 97.9 percent, higher than the 97.5 percent average SP to OLP ratio recorded last April.
To review Loudoun County existing housing statistics since 2000, including average sales price by month, click here.
Melody Hall Visser is a passionate Realtor who lists, sells, and dwells in Northern Virginia. Currently, she serves as a REALTOR at eXp Realty, LLC. As a life-long resident of Virginia, Melody has....