Angelanini, Home Buyer in Leesburg, VA

What is the market condition in Leesburg VA right now? buyers, or sellers market

Asked by Angelanini, Leesburg, VA Sun Dec 9, 2012

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In the Leesburg, Virginia 20175 and 20176 zip codes, 96 homes sold in the month of October. There are currently 538 homes on the market, up 28% from October of 2013. There were 142 new listings added to the market for October. The median sales price was $377,500 and the average days on the market is 47. An increase of 15% from one year ago. It's currently a sellers market in Leesburg but that is slowly trending towards a more balanced market, with a sharp increase in housing inventory. The absorption rate for Leesburg is at 5.5 months, which is the total amount of time it would take to sell all homes currently on the market.

I hope that this is both helpful and insightful. Feel free to contact me for any other specific questions about the market conditions in Leesburg.

Source: MRIS

Matt Shultz
REALTORĀ®
Cell: (703) 300-0367
Office: (703) 669-0099
Fax: (703) 669-4104

Keller Williams Realty
50 Catoctin Circle NE
Suite 101
Leesburg, VA 20176

Licensed in Virginia

Matthew Shultz

Visit my website at: http://www.MattShultzHomes.com

"Like" my Facebook page at: http://www.facebook.com/MattShultzHomes
0 votes Thank Flag Link Tue Dec 9, 2014
Here is updated info on the market conditions in Leesburg, VA, I have taken this from the MRIS database and it seems to go along with what we are seeing in the market place.

Leesburg (20176 zip): comparing to February 2012
Sold Dollar volume is up 38.99% Average sold price is up 10.58% Units sold is up 25.71% This is all good.

However, Active listings in 20176 zip is down 7% What this tells me is INVENTORY IS LOW!

Specifically attached homes (Townhomes) sold between $200K - $399.999K 6 sold and there were 18 active listings in this price point on the market at the end of the month. So basically 3 months supply.

Detached homes almost half of what sold (11 properties) were in the $600K-$799,999K and end of February showed 34 active listings in this range again around 3 months supply.

What we are seeing is if your home is priced well it should sell and in some cases multiple offers or a "Sellers Market" From what we are seeing in March so far this trend is continuing.

If you want an idea of what this means for you contact me and I will be glad to run some numbers.

Beth Seifart
Keller Williams Realty - Leesburg
bseifart@kw.com
0 votes Thank Flag Link Mon Mar 11, 2013
Brian, you are right! I know of another property that had a contract in 3 days and another that had a contract in 22 days which is less than the average days on the market for January. For zip code 20176, in January of 2013 the average days on the market (DOM) was 46 days while in January 2012 the (DOM) was 69 days. This is a good trend we need to keep moving! Many Agents (including me) have buyers but need inventory to sell.
0 votes Thank Flag Link Sun Feb 24, 2013
Leesburg is starting to catch fire. A recent listing was on the MLS for 4 days sold 5% above listing and had offers even higher w/ 0 seller subsidy.
0 votes Thank Flag Link Sun Feb 24, 2013
I am seeing what seems to be a small surge in the market. I have been following properties in the Exeter community and one home had a contract in 3 days. Maybe things are improving.....
0 votes Thank Flag Link Mon Feb 18, 2013
Yes, this is more of a seller's market. There are not many homes on the market right now. I have several buyers but can't find what they are looking for right now. So this could mean if someone is "on the fence" about putting their home on the market, right now could be a good fit. Also with the interest rates still very low buyers with good credit can get more for their money..
0 votes Thank Flag Link Sun Jan 27, 2013
It is definitely a Sellers' market. We have much fewer homes than we have buyers. This drives market conditions in several ways. It helps to increase the prices of homes while at the same time leaving less room for negotiating seller concessions.
0 votes Thank Flag Link Sun Dec 9, 2012
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