STATPAK
LOUDOUN COUNTY MARCH 2017
McEnearney.com
MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017
CONTRACTS Contract activity in February 2016 was up 4.4% from February of 2016, all of which was in the three lowest of the six price categories. The average number of days on the market for homes receiving contracts decreased significantly from 73 days in February 2016 to 39 days in February 2017.
URGENCY INDEX The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in February compared to the year prior. During the past 12 years, the Index has been as high as 92% (April 2004) and as low as 23% (August 2006). In February 2016, the Index was 71.7%, up significantly from 49.9% in February 2016, and was the best in the metro area.
INVENTORY The overall number of homes on the market at the end of February was down 22.9% from the end of February 2016. The inventory of homes priced less than $500,000 is down 45%. There was a modest 1.1% increase in the number of new listings coming on the market compared to last February. The increase in contract activity combined with the decrease in available inventory dropped overall supply to 2.0 months, down significantly from 2.7 months this time last year.
INTEREST RATES The rate for a 30-year fixed mortgage ended February at 4.10%. That’s slightly lower than the 4.19% rate at the end of January, but is a half point higher than it was this time last year. Rates have edged a bit higher as we have moved into March, and the Federal Reserve raised its benchmark rate for the second time in three months. While that does not have a direct impact on mortgage rates, the Fed’s move is certainly a sign of its confidence in the economy – and we can expect mortgage rates to rise modestly through the year.
AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 21.8% lower today than it was a decade ago in February 2007, but is it 8.5% higher than it was this time last year. The mortgage payment for a median priced home ($2,052) in February is almost identical to the median rented price ($2,050).
DIRECTION OF THE MARKET Virtually every key indicator is positive for the Loudoun County real estate market, mirroring the metro DC region as a whole. The spike in interest rates has brought buyers into the market out of concern that rising rates may price them out of the market if they don’t act, and an extremely mild winter has helped as well. The number of contracts is up, homes are selling in less time, and inventory is very low. Absorption rates above 30% are indicative of a seller’s market, and rates are above 50% for every property type – condo, attached and detached homes – for homes priced under $500,000. It’s a good time to be a seller, particularly for entry-level homes, and perhaps a frustrating time for buyers who are faced with fewer choices and more competition for that limited inventory.
Unless otherwise noted, data derived from Metropolitan Regional Information Systems, Inc. (MRIS®). “Northern Virginia” is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax. Copyright © 2017 – McEnearney Associates
Loudoun County StatPak - Page 1
MONTHLY SUMMARY FEBRUARY 2016 vs. FEBRUARY 2017
LOUDOUN COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
February 2016 362 1,392 713 521 73 $448,685 $4,149 49.9% 2.7
February 2017 361 1,073 721 544 39 $460,313 $3,427 71.7% 2.0
% Change -0.3% -22.9% 1.1% 4.4% -46.6% 2.6% -17.4% 43.7% -26.2%
NORTHERN VIRGINIA Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
1,117 3,400 2,186 1,720 67 $537,757 $3,631 54.4% 2.0
1,220 2,986 2,312 1,789 48 $542,929 $2,993 68.6% 1.7
9.2% -12.2% 5.8% 4.0% -28.4% 1.0% -17.6% 26.1% -15.6%
WASHINGTON, DC Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
475 1,078 807 710 46 $621,792 $2,963 61.5% 1.5
574 1,173 937 778 43 $685,108 $2,307 66.2% 1.5
20.8% 8.8% 16.1% 9.6% -6.5% 10.2% -22.1% 7.6% -0.7%
MONTGOMERY COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
664 2,088 1,154 1,035 78 $494,458 $3,705 46.4% 2.0
725 1,756 1,213 1,014 58 $516,247 $4,012 59.1% 1.7
9.2% -15.9% 5.1% -2.0% -25.6% 4.4% 8.3% 27.4% -14.2%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Loudoun County StatPak - Page 2
YEAR-TO-DATE SUMMARY 2016 vs. 2017
LOUDOUN COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
Year-to-Date Jan-Feb Jan-Feb 2016 2017 694 719 1,372 1,025 1,244 1,233 936 984 79 50 $465,412 $472,539 $4,219 $3,869 44.8% 64.6% 2.9 2.1
NORTHERN VIRGINIA Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
2,143 3,333 3,722 2,982 72 $535,906 $3,587 46.0% 2.2
2,347 2,857 4,007 3,239 57 $545,544 $3,239 59.4% 1.8
9.5% -14.3% 7.7% 8.6% -20.8% 1.8% -9.7% 29.1% -21.1%
WASHINGTON, DC Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
932 1,086 1,554 1,232 47 $610,300 $3,045 59.3% 1.8
1,128 1,137 1,761 1,419 44 $677,259 $2,491 62.2% 1.6
21.0% 4.7% 13.3% 15.2% -6.4% 11.0% -18.2% 4.9% -9.1%
MONTGOMERY COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
1,326 2,101 2,027 1,791 78 $473,356 $3,695 42.2% 2.3
1,436 1,760 2,211 1,851 63 $498,759 $3,893 53.8% 1.9
8.3% -16.2% 9.1% 3.4% -18.8% 5.4% 5.3% 27.3% -18.9%
% Change 3.6% -25.3% -0.9% 5.1% -37.6% 1.5% -8.3% 44.4% -29.0%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Loudoun County StatPak - Page 3
LOUDOUN COUNTY – Detail Pages 30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES
MORTGAGE RATES
Month-End Mortgage Rates – 2010-Current
6.50 6.00
1-Year ARM 30-Year Fixed
5.50
Interest Rate
5.00 4.50 4.00
30-year fixed interest rates at the end of February averaged 4.10%, compared to 3.62% at the end of February 2016. One-year adjustable rate mortgages were 3.14% at the end of February 2017, which is up from 2.79% at the end of February 2016.
3.50 3.00 2.50 2.00
BUYING POWER Mortgage Amount with $1,000 Payment
BUYING POWER
AVERAGE SALES PRICE Loudoun County – 2009-Current
AVERAGE PRICES
Copyright © 2017 – McEnearney Associates
A $1,000 principal and interest payment supported a loan of $206,954 at the end of February, which is $12,455 less than February 2016 but $44,507 more than February 2006. In February 2007, it would have taken a monthly PI payment of $2,624 to purchase a medianpriced home. Today’s lower rates have had a dramatic impact – now it takes a payment of $2,052 to buy a medianpriced home. That’s a 21.8% decrease. However, recent increases in rates make today’s payment 8.5% more than this time last year.
The average sales price in February 2017 was $460,313, up 2.6% from the February 2016 average price of $448,685. The median sales price decreased 3.7%. Remember that these indicators are arithmetic computations based on all properties sold and do not indicate the appreciation or depreciation of any individual property.
Loudoun County StatPak - Page 4
URGENCY INDEX – 2013-Current
URGENCY INDEX % of Contracts on the Market for 30 Days or Less Loudoun County – 2013-Current
900
100% % of Contracts
800
# Contracts
80%
600
60% 500 50% 400 40%
300
30%
200
20%
100
Jan 17
Nov 16
Jul 16
Sep 16
May 16
Jan 16
Mar 16
Nov 15
Jul 15
Sep 15
May 15
Jan 15
Mar 15
Nov 14
Jul 14
Sep 14
May 14
Jan 14
Mar 14
Nov 13
Jul 13
Sep 13
May 13
Jan 13
10% 0%
Number of Contracts
700
70%
Mar 13
% of Contracts on the Market for 30 Days or Less
90%
URGENCY INDEX Loudoun County – February 2006-2017
0
URGENCY INDEX - February
URGENCY INDEX DC Metro Area by Jurisdiction Comparison – February 2017
During the past 12 years, the February Urgency Index has been as high as 71.7% and as low as 22.4%. And February 2017’s rate tops the best performance over that period of time. The average February Urgency Index during the past 12 years is 49.3% – which is lower than where we are today. Contract activity is up 4.4% from last February – and the Urgency Index increased significantly from 49.9% to 71.7%.
URGENCY INDEX – DC Metro Area
Copyright © 2017 – McEnearney Associates
This chart compares the number of contracts (green line) to the percent that were on the market 30 days or less (blue bars). At first glance, it might appear that the lower contract activity also means a lower percentage of homes that sell quickly – but that’s not always true. As an example, December is always the month with the lowest number of contracts. December 2011 (not on this chart) had a 45% index, but that jumped to 52% in 2012, an early indicator that the market was picking up heading into 2013.
The average February Urgency Index during the past 12 years for all four of the jurisdictions we track is 50.4%. Loudoun County is in first place this month with Northern Virginia and DC close behind. As noted above, it is considerably higher than its 12-year average.
Loudoun County StatPak - Page 5
NEW CONTRACT ACTIVITY
NEW CONTRACT ACTIVITY Loudoun County – February 2016 vs. February 2017 by Price Range
1
$1,500,000 and higher
1 8
$1,000,000 - $1,499,999
February 2017
8
February 2016
43
$750,000 - $999,999
29 167
$500,000 - $749,999
162 255
$300,000 - $499,999
250
As noted on page 2, the number of new contracts ratified in February 2017 was up 4.4% from the number of contracts ratified in February 2016. Three price categories had increases in contract activity, and two remained the same. As noted on page 3, contract activity year-to-date is up 5.1%. 20.6% of all homes going under contract in February 2017 had at least one price reduction before going under contract.
70
$0 - $299,999
71 0
50
100
150
200
250
300
# of New Contracts
FULLY AVAILABLE LISTINGS
FULLY AVAILABLE LISTINGS Loudoun County – February 29, 2016 vs. February 28, 2017
MONTHS’ SUPPLY
MONTHS’ SUPPLY Loudoun County – End of February 2016 vs. End of February 2017
81.0
$1,500,000 and higher
57.0 11.0
$1,000,000 - $1,499,999
9.9 4.7
$750,000 - $999,999
As noted on page 2, the available inventory for February 2017 was down 22.9% from February 2016. There were decreases for the three lowest price categories. 26.0% of all homes on the market have had at least one price reduction since coming on the market. In February 2016, 25.7% of all homes on the market had at least one price reduction.
7.0
The overall supply of homes on the market at the end of February was 2.0 months, down from 2.7 months at the end of February 2016. This is the 22nd month in a row with a decrease in months’ supply after twenty consecutive months with increases.
2.6
$500,000 - $749,999
3.6 February 2017
0.8
$300,000 - $499,999
February 2016
1.4 0.7
$0 - $299,999
1.7 0
10
20
30
40
50
60
70
80
90
# of Months' Supply
Copyright © 2017 – McEnearney Associates
Loudoun County StatPak - Page 6
AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS
AVERAGE NUMBER OF DAYS ON MARKET Loudoun County – February 2016 vs. February 2017 – New Contracts 197.0
$1,500,000 and higher
0.0 27.3
$1,000,000 - $1,499,999
196.1 113.3
$750,000 - $999,999
123.6
43.9
$500,000 - $749,999
86.2 21.7
$300,000 - $499,999
The average number of days on the market for all homes receiving contracts in February 2016 was 39 days, which is a 46.6% decrease from 73 days in February 2016. Average days on the market in Loudoun was the lowest in the area.
February 2017 51.2
February 2016
46.6
$0 - $299,999
83.5 0
50
100
150
200
250
# of Days on Market
NUMBER OF NEW LISTINGS, NEW CONTRACTS, AND ACTIVE LISTINGS Loudoun County – January 2011-Current
NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET Resale Properties Sold in Loudoun County – February 2016 vs. February 2017
There were 721 new listings that came on the market in February 2017, an increase of 1.1% from the 713 in February 2016. The lines representing active listings (green), new listings (blue) and new contracts (red) were tightly grouped much of 2013, but a pretty consistent gap has opened since then.
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET
Initial pricing strategy is critical to the listing process, regardless of market conditions. The longer a home sits on the market, the deeper the discount to its original list price will likely be. Homes settling in February 2017 that received contracts their first week on the market sold, on average, 0.12% below list. Those that took more than 120 days to sell sold 5.62% below the original price.
SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA
The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed “Sales” are transactions that settled during the statistical period; “Under Contracts” are contracts negotiated during the statistical period, but not yet settled “Available Listings” reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. “Months’ Supply” is simply the number of “Fully Available Listings” on the market at the end of the month divided by the number of “Contracts” ratified that month.
Copyright © 2017 – McEnearney Associates
Loudoun County StatPak - Page 7
Analysis by Property Type – Condo/Co-op CONDO/CO-OP – LISTINGS
LISTINGS
Condo/Co-op Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
57
49
-14.0%
95
38
-60.0%
$300,000 - $499,999
41
58
41.5%
77
69
-10.4%
$500,000 - $749,999
1
4
300.0%
10
11
10.0%
$750,000 - $999,999
0
0
-
0
0
-
$1,000,000 - $1,499,999
0
0
-
0
0
-
$1,500,000 & higher
0
0
-
0
0
-
Grand Total:
99
111
12.1%
182
118
-35.2%
CONTRACTS New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
46
55
19.6%
93
105
12.9%
$300,000 - $499,999
27
41
51.9%
43
69
60.5%
$500,000 - $749,999
0
0
-
1
4
300.0%
$750,000 - $999,999
0
0
-
0
0
-
$1,000,000 - $1,499,999
0
0
-
0
0
-
$1,500,000 & higher
0
0
-
0
0
-
Grand Total:
73
96
31.5%
137
178
29.9%
SETTLEMENTS
Condo/Co-op Settlements
CONDO/CO-OP – CONTRACTS
Condo/Co-op Contracts
The number of new listings for condos and co-ops coming on the market in February 2017 increased 12.1% compared to February 2016. The fully available inventory of condos as of February 28, 2017 decreased 35.2% compared to 2016. As the numbers indicate, condos do not represent a significant slice of the Loudoun market.
New This Month
CONDO/CO-OP – SETTLEMENTS AND AVERAGE PRICE
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
41
41
0.0%
77
69
-10.4%
$300,000 - $499,999
22
26
18.2%
39
45
15.4%
$500,000 - $749,999
1
1
0.0%
1
1
-
$750,000 - $999,999
0
0
-
0
0
-
$1,000,000 - $1,499,999
0
0
-
0
0
-
$1,500,000 & higher
0
0
-
0
0
-
Grand Total:
64
68
6.3%
117
115
-1.7%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Condo/Co-op
$271,348 $282,332
Copyright © 2017 – McEnearney Associates
4.0%
$269,761 $285,728
The number of condos and co-ops receiving ratified contracts increased 31.5% in February 2017 compared to February 2016. In Loudoun County, more than 57% of the condo market is for homes priced less than $300,000. Year-to-date, the number of contracts is up 29.9%.
The number of condos and co-ops settling in February 2017 increased 6.3% compared to February 2016. Year-to-date, the number of settlements is down 1.7%. The average price was up 4.0% compared to February 2016. Year-to-date, the average price is up 5.9%.
5.9% Loudoun County StatPak - Page 8
Analysis by Property Type – Fee Simple Attached LISTINGS
ATTACHED HOMES – LISTINGS
Fee Simple Attached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
17
8
-52.9%
20
6
-70.0%
$300,000 - $499,999
160
169
5.6%
146
63
-56.8%
$500,000 - $749,999
52
41
-21.2%
79
73
-7.6%
$750,000 - $999,999
3
2
-33.3%
7
6
-14.3%
$1,000,000 - $1,499,999
0
3
-
3
4
33.3%
$1,500,000 & higher
0
0
-
0
0
-
232
223
-3.9%
255
152
-40.4%
Grand Total:
CONTRACTS
ATTACHED HOMES – CONTRACTS
Fee Simple Attached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
19
7
-63.2%
31
27
-12.9%
$300,000 - $499,999
147
149
1.4%
260
267
2.7%
$500,000 - $749,999
24
30
25.0%
43
51
18.6%
$750,000 - $999,999
0
0
-
0
1
-
$1,000,000 - $1,499,999
0
0
-
0
0
-
$1,500,000 & higher
0
0
-
0
0
-
190
186
-2.1%
334
346
3.6%
Grand Total:
SETTLEMENTS
Fee Simple Attached Settlements
New This Month
Year-To-Date
2017
% Change
2016
2017
% Change
$299,999 and under
8
12
50.0%
17
28
64.7%
$300,000 - $499,999
101
98
-3.0%
180
198
10.0%
$500,000 - $749,999
20
20
0.0%
31
35
12.9%
$750,000 - $999,999
0
0
-
1
0
-100.0%
$1,000,000 - $1,499,999
0
0
-
1
0
-100.0%
$1,500,000 & higher
0
0
-
0
0
-
129
130
0.8%
230
261
13.5%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Attached
$412,767 $410,240
Copyright © 2017 – McEnearney Associates
-0.6%
$411,605 $407,149
Contract activity for attached homes decreased 2.1% in February 2017 compared to February 2016. Year-to-date, contract activity is up 3.6% compared to 2016.
ATTACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
2016
Grand Total:
The number of new listings coming on the market in February 2017 for fee simple attached homes decreased 3.9% compared to February 2016. The fully active inventory at the end of February is down 40.4% compared to the available inventory at the end of February 2016.
The number of settlements increased just 0.8% in February 2017 compared to February 2016. Year-to-date, the number of settlements increased 13.5%. The average sales price was down just 0.6% in February 2017 compared to February 2016. The average sales price year-todate is down 1.1%.
-1.1% Loudoun County StatPak - Page 9
Analysis by Property Type – Fee Simple Detached DETACHED HOMES – LISTINGS
LISTINGS
Fee Simple Detached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
3
4
33.3%
8
6
-25.0%
$300,000 - $499,999
74
73
-1.4%
128
79
-38.3%
$500,000 - $749,999
220
199
-9.5%
490
355
-27.6%
$750,000 - $999,999
60
81
35.0%
196
198
1.0%
$1,000,000 - $1,499,999
17
27
58.8%
76
84
10.5%
$1,500,000 & higher
8
17
112.5%
57
81
42.1%
382
401
5.0%
955
803
-15.9%
Grand Total:
CONTRACTS
DETACHED HOMES – CONTRACTS
Fee Simple Detached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
6
8
33.3%
18
15
-16.7%
$300,000 - $499,999
76
65
-14.5%
143
118
-17.5%
$500,000 - $749,999
138
137
-0.7%
239
242
1.3%
$750,000 - $999,999
29
43
48.3%
49
70
42.9%
$1,000,000 - $1,499,999
8
8
0.0%
12
13
8.3%
$1,500,000 & higher
1
1
0.0%
4
2
-50.0%
258
262
1.6%
465
460
-1.1%
Grand Total:
SETTLEMENTS
Fee Simple Detached Settlements
New This Month
Year-To-Date
2017
% Change
2016
2017
% Change
$299,999 and under
10
8
-20.0%
17
13
-23.5%
$300,000 - $499,999
66
44
-33.3%
126
98
-22.2%
$500,000 - $749,999
73
92
26.0%
161
181
12.4%
$750,000 - $999,999
18
18
0.0%
36
44
22.2%
$1,000,000 - $1,499,999
1
0
-100.0%
2
6
200.0%
$1,500,000 & higher
1
1
0.0%
5
1
-80.0%
169
163
-3.6%
347
343
-1.2%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Detached
$541,859 $580,168
Copyright © 2017 – McEnearney Associates
7.1%
$566,267 $587,375
The number of contracts for detached homes in February 2017 increased 1.6% compared to February 2016. The number of contracts yearto-date is down 1.1%.
DETACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
2016
Grand Total:
The number of new listings for fee simple detached homes was up 5.0% in February 2017 compared to February 2016. The number of detached homes on the market on February 28, 2017 was down 15.9% compared to February 29, 2016.
The number of settlements in February was down 3.6% compared to February 2016. Year-to-date, there has been a decrease of 1.2%. The average sales price for detached homes increased 7.1% in February 2017 compared to February 2016. The average sales price year-todate is up 3.7%.
3.7% Loudoun County StatPak - Page 10
Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market, and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # Contracts/ (# Contracts + # Available).] An example: The absorption rate for detached homes priced between $500,000 and $749,999 in February 2017 was 27.8%. That compares to a rate of 22.0% in February 2016, and the increase means the market was better in 2017 for that type of home. If the absorption rate was less in 2017 than in 2016, we have put the 2017 rate in red. This month there was improvement for 9 of 14 individual price categories with activity, and three remained the same.
Condo/Co-op Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
95
46
32.6%
38
55
59.1%
$300,000 - $499,999
77
27
26.0%
69
41
37.3%
$500,000 - $749,999
10
0
0.0%
11
0
0.0%
$750,000 - $999,999
0
0
-
0
0
-
$1,000,000 - $1,499,999
0
0
-
0
0
-
$1,500,000 & higher
0
0
-
0
0
-
182
73
28.6%
118
96
44.9%
Grand Total:
Fee Simple Attached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
20
19
48.7%
6
7
53.8%
$300,000 - $499,999
146
147
50.2%
63
149
70.3%
$500,000 - $749,999
79
24
23.3%
73
30
29.1%
$750,000 - $999,999
7
0
0.0%
6
0
0.0%
$1,000,000 - $1,499,999
3
0
0.0%
4
0
0.0%
$1,500,000 & higher
0
0
-
0
0
-
255
190
42.7%
152
186
55.0%
Grand Total:
Fee Simple Detached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
8
6
42.9%
6
8
57.1%
$300,000 - $499,999
128
76
37.3%
79
65
45.1%
$500,000 - $749,999
490
138
22.0%
355
137
27.8%
$750,000 - $999,999
196
29
12.9%
198
43
17.8%
$1,000,000 - $1,499,999
76
8
9.5%
84
8
8.7%
$1,500,000 & higher
57
1
1.7%
81
1
1.2%
Grand Total:
955
258
21.3%
803
262
24.6%
Copyright © 2017 – McEnearney Associates
ABSORPTION RATES – CONDOS AND COOPS
The overall absorption rate for condos and co-ops for February 2017 was 44.9%, up significantly from 28.6% in February 2016. Safe to say the market for condos priced more than $500,000 is virtually non-existent.
ABSORPTION RATES – ATTACHED HOMES
The overall absorption rate for attached homes for February 2017 was 55.0%, up significantly from February 2016’s 42.7%.
ABSORPTION RATES – DETACHED HOMES
February 2017’s absorption rate for detached homes was 24.6%, an increase from the 21.3% rate from February 2016. And as we have seen in the other property types, the absorption rates are higher for the lowerpriced categories.
Loudoun County StatPak - Page 11