08/17/2009

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The Stakem Report Loudoun Housing Stats Aug 2009 Real Estate Virginia – The Stakem Report Aug. 2009 www.stakemreport.com We're on the Web! I did not have a July report and used that time to create a web home for the Stakem Report. I will be updating the information numerous times during the month between the monthly newsletters. You will soon be able to post your comments there as well. I look forward to your input! Look for www.stakemreport.com. June Improving? June was a strange month. We are continuing to adjust to the realities of our new market. As always there is good news and bad. First the “Good News?” Average sales prices in our survey area only declined by 6% as compared to June 2008. This kind of good news gives me an ulcer! I suppose compared to a near 20% decline, a 6% decline is a great improvement. Personally I will not consider anything other than positive numbers good news. The bad news is that Sales Volume is down 14% and the Number of Transactions are down 9%. This is to be expected as the banks are still holding many foreclosed properties from the market which reduces the lower priced sales. The sales volume is simply the reflection of the decrease in transactions and falling average prices. The market still remains tight! Good properties will receive offers within days (if priced correctly) and in many cases receive multiple offers. If all things were equal this should mean rising prices, however the new appraisal rules continue to deflate these prices. Some day all things will balance out and supply and demand will once again control markets! Finally! Positive Numbers! July broke the long slump, if only by a little bit. The average sale price in our survey INCREASED in July! I wouldn't consider my house an ATM and...