Loudoun County’s low housing inventory set a record in December, with the lowest inventory recorded in the county in a decade.
According to the Dulles Area Association of Realtors, active listings declined for the 30th consecutive month, reaching the record low. At the end of December, inventory was 15.9 percent lower than the same point last year. This translates to 1.6 months of supply as 2018 dawned.
A DAAR press release also notes that the number of closed sales has also continued to decline. December’s 467 closed sales represented a decline of 14.8 percent over December 2016.
“This is a continued sign of low inventory suppressing sales, as prospective buyers find both limited choices and climbing home prices,” the release states.
2017 saw only a slight increase over 2016 sales, at less than 1 percent. Median home prices did rise 4.5 percent to $465,000 in 2017.
The good news for sellers is that homes are spending less time on the market. In December, homes on average spent 20 days or less on the market, compared to a median of 24 in December 2016. On average, sellers received 98.3 percent of the original list price.
Among ZIP codes that consistently had over 20 sales per month in 2017, Aldie’s 20105 had the largest percentage of closed sales, up 20.8 percent from 2016. That ZIP code also stands as the county’s most expensive ZIP code, with a median closed sale price of $608,982. Sterling’s 20164 ZIP code came in at the lowest median closed sale price of $379,000.