Loudoun's housing market is improving, reports say
By Jason Jacks
Things look to be improving in Loudoun's real estate market, according to two new reports.In June, according to new data from the Dulles Area Association of Realtors, 553 homes sold in the county, the highest amount since December 2005.
The number of homes sold in May also topped 500, making May and June the only months in 2008 to top that mark.
"We think this is the beginning of the recovery," said Jeanette Newton, DAAR's chief executive officer.
DAAR data also showed that the average sale price in Loudoun was $418,038 last month, up from $398,041 in May.
Adding to the positive housing news, a report by the Fairfax County real estate market analysis company Fulton Research and Consulting indicates that Loudoun's most struggling area, Sterling Park, is seeing the biggest gains.
Sterling Park has seen the highest rates of foreclosures in Loudoun. However, the report said 101 homes sold in Sterling Park's 20164 ZIP Code last month, up 94 percent from June 2007.
Ashburn's 20148 ZIP Code saw the next biggest jump with a 42-percent spike in sales from a year earlier.
In addition, the Fulton Research and Consulting report showed that the number of homes currently for sale in Loudoun is down 25 percent from a year ago, while the average length of time the houses are staying on the market has dropped below 100 days, the first time that has happened since August 2007.
"Agents are reporting good sales," said DAAR's Newton. "One open house in Ashburn recently had 25 visitors, which is great," before adding, "We can smile again."
Contact the reporter at jjacks@timespapers.com