Latest real estate stats for Loudoun County are in for the second quarter of 2022, and reflect what we have been seeing in our local market, namely a slowdown in sales activity when compared to the frenetic situation a year ago, when buyers struggled to compete and sellers were receiving multiple offers with few or no contingencies.

Make no mistake, these figures do not suggest that we are in a down market, far from it; we are now seeing a more 'normal' situation where buyers are able once again to do their proper due diligence and ensure that they are getting what they're paying for.

In fact, the median selling price is UP by 11% YOY while average days on market are, albeit fractionally, lower YOY.

This week, I took an out of state client to view five properties which I had scheduled to show a week before, and all five were still actively for sale. Great news for buyers who need to plan ahead!

Mortgage rates have been on the rise, but in recent weeks we have seen those not only stabilizing, but falling back slightly. Depending on who you ask, a 30 year fixed rate jumbo loan over $642,200 is in the 5% region however various lenders can offer portfolio loans for less, usually with the borrower paying a point or so. Below that $642,200, rates are hovering around the 6.4% mark.

Click on the image above for the full report, and contact yours truly for more information.

The Dulles Area Association of Realtors® monthly market indicators report for April 2022 is now available, providing both a snapshot and further in depth detail in to our local real estate market.

Active listings are up significantly year over year (YoY) at 370 listings, or 33.6% more YoY, nevertheless new listings are 8% lower than the same time last year. The median list price continues to increase, 16.6% for the year to a new level of $682,496, however the median sold price is now at $720,000 compared to $610,000 in April 2021, based on 27.6% fewer sales YoY.

​The latest Home Demand Index for the Washington DC region, researched and prepared by Bright MLS, can also be reviewed here.

The local, and in fact national real estate market has seen record upward movement in sales prices and volume since the start of the COVID-19 pandemic.

Our market here in Loudoun County and Northern Virginia is no exception as recently released quarter 4 2021 versus the same period in 2020 reveal.

As we have all seen, inflation is at a 40 year high at 7.5% which is expected to decrease later in the year, but it's certainly a concern.

Interest rates are on the rise and indicators are that mortgage rates could be 1% higher than they are today by summer. That's relatively significant but would still be in the 4's, well well below what we were used to not so many years ago.

For the full report, click or press HERE and as always, don't hesitate to give me a call, text or email for more information.

Peter

n.b. thanks to the Dulles Area Association of Realtors, of which I am a board member, for these well researched figures