Foreclosures, Short-Sales Make Up 39% of Loudoun Real Estate Inventory

October 10, 2008 by Danilo Bogdanovic
Filed under Statistics

Foreclosures and short-sale properties currently make up 39 percent of the total Loudoun County real estate inventory. As of this afternoon, 697 of the 1801 total homes for sale in Loudoun County are foreclosures or short-sales. We've been seeing foreclosures and short-sales represent an average of 25 percent of the total inventory in Loudoun throughout most of 2008 so this is quite a jump.

After looking at the numbers and types of properties for sale, it seems that there are less "traditional" listings (non-foreclosures/short-sales) on the market than usual, but banks and distressed home owners are still trying to unload their properties at the same rate. This may be what is driving the percentage number up.

Overall, Loudoun real estate inventory is down so this statistic isn't necessarily cause to be alarmed. But, if you're a buyer, know that banks and agents listing these properties are well aware of the lower inventory levels which bodes well for them, not you, when it comes to negotiating an offer.