Even if a full market recovery might be in the early stages, the housing industry is showing signs of improvement nationwide. Prospective buyers searching for new homes for sale are noticing continuous positive trends in the current housing market and many are choosing to take advantage of the favorable conditions. Government reports indicate that the country saw a 7.6% rise in new home sales in May. And, according to the Census Bureau’s report, sales reached an annual rate of 369,000- a 20% increase in a year-over-year comparison. This jump in home sales reportedly exceeded expectations as economists had predicted a sales rate of 350,000 new homes for the year.
Robert Dietz, an economist for the NAHB (National Association of Home Builders) remarked, “This improvement indicates that 2012 will be a year of gradual growth for new homes. It also means that we’ve seen the end of inventory that’s climbed over the last couple of years.” The decrease of home inventory levels is a good indication that the U.S. housing market is getting stronger; more value is being added to home ownership which in turn is leading to a faster turnover of homes. Having a slight increase in demand will translate well into an increase in new construction, which leads to more job creation, which contributes to a stronger economy.
Although Northern Virginia was not completely immune to the price dip over the past few years, it is has proven to be one of the least distressed markets in the country, and has held up well. Being one of the fastest growing counties in the nation, Loudoun County is continuously seeing a rise in both jobs and home sales.
The growth of jobs along with the diminishing homes inventory in Northern Virginia since 2011 has contributed to a relatively quick rise in new construction compared to other, harder hit markets. According to the Builders Realty Council, Loudoun county has a wide spectrum of new housing communities in development, and statistics are showing both towns of Ashburn and Leesburg to be the forerunners in Northern Virginia’s housing growth.
With prices stabilizing and mortgage rates reaching record lows, buyers considering new homes for sale in Loudoun County are realizing more than ever that purchasing a home here is a fantastic decision.
Loudoun County presents an eclectic mix of old and new, and with cutting edge new developments coming to Ashburn, such as One Loudoun, the area is seeing an increase in jobs as well as an increase in Ashburn home sales. Known to be one of the fastest growing counties in the U.S., Loudoun is becoming both a major employment center as well as a breeding ground for new residential communities, which has attracted an increased amount of home buyers to the area.
Virginia as a whole has seen increasing job growth over the last few years, with the unemployment rate in May dropping to 5.6%, down from 6.2% last May, and beating the National average of 8.2%. Home buyers in the area are welcomed into one of the hottest job markets in the country. Loudoun County is home to the Dulles Technology Corridor which has one of the highest concentrations of technology firms in the nation, stretching 25 miles along VA Route 267, promotes the growth of the technology sector and homes to such tech giants as IBM, Lockheed Martin and Oracle. Loudoun also has access to one of the largest internet exchange points in the world which has attracted telecommunication employers such as Verizon Business, At&T, Sprint, and AOL. With the county being close in proximity to Washington, D.C., Loudoun makes an ideal location for government contractors, which are some of the largest employers in the area. Dulles International Airport is only minutes away, helping Loudoun County to become a magnet for transportation, retail and other industry giants. Not surprisingly then, Loudoun County was named in Forbes’10 “Best Places to Get Ahead” as well as Money Magazine’s 25 places “Where the Jobs Are”, AND, according to the Washington Post, has one of the highest median household incomes in the country.
With Loudoun seeing a rise in job growth, the county is also seeing a rise in home sales. Steady upward trends in the housing market are causing home buyers to take advantage of the favorable conditions. Northern Virginia housing market stats show that closed sales in May went up 21.75% from the year-to-year comparison, as well as showing an increase of 22.11% from April to May of this year. The average days on the market in May were down 23.21% from 2011 as well as going down 20.37% since April, indicating that houses are selling much faster this year.
The theme of the current housing market conditions being an “ultimate buyers market” in Loudoun seems to be continuous. With the recent announcement of the average 30-year interest rates now down to a staggering 3.66%, there is even more incentive for home buyers to take advantage of this incredible opportunity and purchase a new home in a growing area such as Loudoun County VA. The general downtrend in both listed homes and the shadow market has contributed to shortage of inventory, and according to the FED’s chief economists, this has contributed to a market that is becoming increasingly more balanced.
Last week One Loudoun invited its first real estate company, RE/MAX Select Properties Inc, to attend a presentation about the new and exciting community. Sharing information from the One Loudoun builders, team members Julie Dillon, Keith Kidder, Terri Bonfils, Jane Slusser and Karen Leier fielded questions and energized the interested crowd with their knowledge of the community.
To read more about the event, view the press release found here.
Camberley Homes is pleased to announce the release of new home sites at One Loudoun on Saturday, June 9, 2012 at 11:00 am.
The Beacon Hill Collection of single family homes at One Loudoun offers distinctly different elevation styles featuring a blend of brick, pre-cast, and preformed trims with standard recessed entries. It is the combination of these materials and design elements which contribute to the authentic detailing, character, and charm of a Brownstone style of architecture focused around a Georgian, Federalist and French Manor.
For additional community and pricing information, click here.