By LoudounExtra.com staff
Thursday, April 10, 2008
The median price of homes sold in Loudoun County dropped last month to a four-year low.
The Dulles Area Association of Realtors today said homes sold by a Realtor in March fetched a median price of $358,225. That's down from $374,950 a month earlier.
Last month's median price is also down about $90,000 from a year ago. The median is the point at which half the houses sell for more and half for less.
According to the Realtor association, last month's median sales price is the lowest since April 2004, when homes were selling for a median of $355,000. That month, 685 homes sold in Loudoun; last month there were 350.
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Still, the number of sales was a bright spot in the monthly numbers released today.
The 350 homes that sold in March was the highest monthly total since last August. By comparison, 216 homes sold in January and 264 sold in February. And the number of pending sales last month was at its highest level in a year.
The Realtor association reported that it has 3,427 active listings. At last month's sales pace, that's nearly a 10-month supply of homes on the market.
Homes last month stayed on the market for an average of 124 days. That edged up slightly from 120 days in February.
Sellers last month got an average of about 88.5 percent of their list price. That's the lowest number in Realtor association figures that date back to 2000.
The median price of homes sold in Loudoun peaked at $509,950 in December 2005. Last month's median price represents a 30 percent fall from the peak.
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