Active Listings by Type 2011 06

Posted: July 28, 2011 | Author: Rosemary deButts | Filed under: Active Listings, Foreclosures, Short Sales | Tags: 2011, Foreclosures, Listings, Loudoun, Market Trends, Short Sales | Leave a comment »

Distressed Listings on the Decline

Comparing active listings in January to those in June 2011 by type we see that the total number of active listings increased by 32 percent. Over the same period, the actual number of listings for standard (non-distressed) sales also increased 44 percent. However, the number of bank-owned listings declined from January to June by 27 percent. Total short sale listings also declined by 16 percent.

In January, there were 216 active distressed listings for a 19 percent share of the total. With only 175 distressed listings on the market (11 percent of total active listings) in June, it appears that Loudoun County has made significant strides in working through its supply of distressed homes foretelling a stronger housing market in the months to come.

Median Sales Price 2011 06

Posted: July 27, 2011 | Author: Rosemary deButts | Filed under: Foreclosures, Median Sales Prices, Short Sales | Tags: 2011, Foreclosures, Loudoun, Market Trends, Median Sales Price, Price Changes, Short Sales | Leave a comment »

Median Sales Prices on the Rise Despite Declining Prices for Distressed Sales

In Loudoun County in June 2011, the median sales price for standard sales was 5 percent higher than in June 2010. This despite the 15 percent decline in the median sales price for bank-owned properties month-over-year and 17 percent for short sales.

A partial explanation is that the share of distressed sales (bank-owned properties and short sales) has steadily declined this year in Loudoun. After five consecutive months of decreases, the share of distressed sales was only 20.4 percent of total sales in June 2011. Compare that to the 30 percent share last June.

YTD Distressed Sales 2011 07 26

Posted: July 27, 2011 | Author: Rosemary deButts | Filed under: Foreclosures, Short Sales | Tags: 2011, eastern loudoun, Foreclosures, leesburg, Market Trends, Short Sales, western loudoun | Leave a comment »

Share of Distressed Sales on the Decline in Loudoun County

The graph below illustrates the aggregate number of short sales and foreclosures (bank-owned properties) along with the percentage of total existing home sales that were distressed in Loudoun County this year. Totals are also presented for the three areas within Loudoun County. So far this year, less than 30 percent of the total existing home sales in Loudoun County were distressed. By contrast, at the end of June in 2010, the share of distressed sales was 34 percent. Unlike other counties in the metropolitan Washington, DC market, short sales outpace foreclosures; 68 percent of all distressed sales so far this year were short sales and the remaining 32 percent were bank-owned properties.

Short Sales

Short sales in Loudoun accounted for 18 percent of total sales this year. In Eastern Loudoun, 20 percent of 2011 sales were short sales; the same figure in Leesburg was 17 percent and it was 13 percent in Western Loudoun.

Foreclosures (Bank-Owned Properties)

There is a different dynamic for bank-owned properties. So far this year, 11 percent of total sales were foreclosures in Loudoun County and in the subsets of Eastern Loudoun and Leesburg as well. The share in Western Loudoun was 12 percent with the total number of short sales about equal to the total number of foreclosures there.

Share of Distressed Sales 2011 05

Posted: June 30, 2011 | Author: Rosemary deButts | Filed under: Foreclosures, Median Sales Prices, Short Sales | Tags: 2011, Foreclosures, Loudoun, Market Trends, Median Sales Price, Short Sales | Leave a comment »

Share of Distressed Sales Hits New Low

For the third consecutive month, the share of distressed sales fell below 30 percent and posted the fourth consecutive monthly decline. It also reached the lowest point since distressed sales became a forced field in the listing service in April 2009. Of the 109 distressed sales last month, 75 were short sales and 34 were bank-owned properties.

Last year at this time, 27.6 percent of total sales were distressed, slightly higher than the May 2011 share of 27.3 percent. Leesburg had the highest share of distressed sales in April, 32 percent. Eastern Loudoun’s share amounted to 27 percent while 21 percent of the closings in Western Loudoun were short sales or bank-owned properties.

Compare the median sales price of distressed closings in Loudoun last month, $276,000, to the median for all sales types, $380,000 (-27 percent).