For immediate release:

Contact:
Chuck Cornwell
RE/MAX Regency
540-341-1075
ChuckCornwell@remax.net

Home prices on the rise in Loudoun County

Leesburg, Virginia, May 17, 2009 - Market conditions all around the Virginia side of the Washington DC metro market continue to improve.  Loudoun County is one area that also is seeing dramatic changes in it's real estate market.  In fact, the median list price for residential real estate is back up to its October 2007 level.  "This is a really dramatic move in home prices" stated Chuck Cornwell, RE/MAX Regency's Broker/Co-Owner.  "Prices without a doubt, over corrected to the downside, and now we are seeing home prices snap back to compensate".

What is driving this change - a drop in the supply of homes.  As the banks began competing with each other to get rid of their foreclosed homes over the past year, they pushed prices to irresistible levels for home buyers.  Those bargain hunter buyers are out buying, and with this, we are seeing home prices rise.  "Stability will be found in our home values when we hit the point where builders can profitably build a home" continues Mr. Cornwell.  "We are making headway.  I think we will see a little further rise in home prices, and then we should see values moderate to sustainable price increase levels." 

"Bottom line, now really is the time to buy a home.  As our home mortgage interest rates continue to climb, as they have been over the past month, and home prices continue to rise, the overall cost of owning a home is going up."

Here are the numbers under the market study.  The median home price jumped in from $409,900 in March, 2009 to $435,000 in April.  See the data here.  Home prices are going up as the inventory levels are falling.  The supply of homes, calculated as the "Months Supply", dropped from a 3.2 months supply in March to 2.8 months supply in April.  See the data here.  The absorption rate of the home inventory is also rising, causing a tightening in the market.  See the data here.

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Chuck Cornwell is the Broker and Co-Owner of RE/MAX Regency, a multi office real estate franchise company based in Warrenton, Virginia, and he is the Vice-President of the Greater Piedmont Area Association of REALTORS.  RE/MAX Regency has been recognized as a leading real estate company in the nation by industry publications including RIS Media's "2009 Power Broker Report" and being named a "Great Office" by RE/MAX International.

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