Loudoun Home Prices Hit 4-Year Low
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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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Lower home prices are good for the economy and good for the area. The 2005 prices were freakishly high and it was time for a correction.
Now people buying homes in the area will not have as much of their income eaten up by a mortgage and will be able to spend more on other things.
This time, people, please don't buy Hummers with your home equity loans. Please.
Posted by blarf (anonymous) on April 10, 2008 at 12:43 p.m. (Suggest removal)
Nothing lasts forever--not good times, not bad times. This too shall pass, and like blarf said, it was time in the economic cycle for a correction. Everyone needs to hunker down and cut back on expenses. Don't eat out, keep the older car, buy clothes on sale, skip the vacation for a year, etc. Believe me, it won't kill you; in fact, it will be good for your character, good for your finances, good for the environment, and you'll be setting a good example for your children about how to be an adult. Save some money instead of spending it. Saving just a little bit of your money is so much better than spending just a bit too much of your money. And don't say that you can't--why I could write a cookbook on 101 ways to cook beans! You can do it! You'll be proud of yourself, and you'll come out of this just fine because remember, nothing lasts forever.
Posted by octamatilda (anonymous) on April 10, 2008 at 1:11 p.m. (Suggest removal)
Do you have a recipe that makes beans taste like Lobster Bisque?
Posted by OhTheHumanity (anonymous) on April 10, 2008 at 2:16 p.m. (Suggest removal)
No, but what makes you think anyone DESERVES lobster bisque?
Posted by octamatilda (anonymous) on April 10, 2008 at 5:10 p.m. (Suggest removal)
I was joking; I rarely have lobster bisqe.
Lighten up, Francis
Posted by OhTheHumanity (anonymous) on April 11, 2008 at 9:32 a.m. (Suggest removal)
Mmmm, Lobster Bisque!
Posted by darren-josephson (anonymous) on April 20, 2008 at 10:42 p.m. (Suggest removal)
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