The Reality of the West!

by Jim Stakem 4/10/2009

loudoun county, ashburn, leesburg, potomac falls, sterling, purcellville, south riding, lovettsville, hamilton, middleburg, chantilly, reston

This is the first time I have expanded our analysis to include Western Loudoun. I will be comparing the years 2006 and 2009. The numbers do not paint a pretty picture, however you need to understand that they appear worse than they really are. The same factors which are limiting the sales of middle and upper priced properties apply to these markets as well. All figures are for the first quarter.

Western Loudoun excluding the Leesburg zip codes.
2006 2009 %Change Total $ Volume $92,845,257 $34,542,457 -63%
Avg. Sales Price $703,373 $448,603 -36%
Med. Sales Price $580,000 $389,000 -33%
Sales Units 132 77 -42%

Leesburg (20175 & 20176).
Total $ Volume $146,996,503 $47,306,249 -68%
Avg. Sales Price $547,205 $303,250 -47%
Med. Sales Price $500,000 $277,500 -44%
Sales Units 256 156 -39%

This is, as we all know, not a pretty picture! As the market improves the median & average prices go up, however that does not mean prices are increasing. You will have to use prices from your local area or neighborhood to establish a sales price for your individual property.

If you want to receive the maximum sales price for your home, first make sure that you set a very realistic price. If you overprice your property traditionally you will chase the market and net a lower price. Make sure your home is in the best condition possible and always make it available to be shown.

Where should you be looking to find a purchaser? In the first quarter of 2009, in the zip codes west of Leesburg 48% of all buyers were brought by Brokerages in Leesburg and west. The other 52% were split evenly, 26% from Eastern Loudoun and 26% from outside Loudoun. In Leesburg zip codes 24% were brought by Brokerages in Leesburg and west, 30% from Eastern Loudoun and 46% from outside the county! As always ensure you are making your property easily available to the Buyers and MARKET TO THOSE AREAS