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ATOKA PROPERTIESA Division of Middleburg Real EstateLoudoun CountyHousing Market AnalysisAs of March 31, 2011Prepared by Rosemary deButtsCertified Short Sales and Foreclosure ResourceAtoka Properties609 East Main Street, Suite FPurcellville, Virginia 20132www.atokaproperties.comOffice: 540/338-7770Rosemary deButts, MIRM760 South Twentieth StreetPurcellville, Virginia 20132www.housinganalyst.netDirect: 540/338-2212Mobile: 540/[email protected]

Loudoun's Housing Market Limps into SpringApril 13,2011For immediate releaseContact:Rosemary deButts, REALTOR, MIRM540/338-2212; [email protected](Purcellville, VA) - The housing market in Loudoun County was lethargic in March 2011. Even with slightly more active listings than at this timelast year, sales which should skyrocket in March only advanced 21 percent compared to February 2011. Preliminary total unit sales advanced to 347units from February's revised 288 units. Sales in Eastern Loudoun accounted for an unusually low 60 percent of Loudoun's total sales last month.About 50 percent of Loudoun's sales so far this year were priced between 200,000 and 399,999.For the second month, the median sales price advanced - .6% to 362,170 in March from 360,000 in February. The median in Eastern Loudounwas 349,900; it was 375,000 in Leesburg and 410,000 in Western Loudoun - all increases over February.Average seller subsidies decreased 16 percent in March to 3,248. Compare that to the 2010 annual average of 3,814.About 62 percent of the 111 total distressed sales in March were short sales, 38 percent were bank owned properties. The total share ofdistressed sales was 30 percent, down from 39 percent in February. The share in Eastern Loudoun was 34 percent; it was 26 percent in Leesburgand 24 percent in Western Loudoun.The days on market indicator declined in March to 77 days, after reaching a two year high in February. The 2010 monthly average was only 54days. Three units sold in March that had been on the market for over two years. Four of the nine sales in March that were on the market at leasta year were in Western Loudoun.The average close price for Loudoun's detached homes last month was 503,952; it was 301,220 for attached units and 158,385 forcondominiums. The 2011 average close prices for detached and attached units are 2-3 percent below the 2010 average but condominium pricesare 7 percent below last year's average.Pending listings advanced 24 percent to 512 in March from 413 in February. This figure lags well behind last March though (probably as a result ofthe First Time Buyer's Credit in 2010). The number of active listings grew 29 percent last month and is actually slighly higher than the figure fromlast March. The month's supply of inventory was 4.2 months in March, up from 4.0 in Febuary and 3.1 last March. The available inventory inEastern Loudoun was 3.4 months; it was 4.0 months in Leesburg and 8.9 months in Western Loudoun.The average close price to original list price ratio recovered in Western Loudoun from 76.3 percent to 88.7 percent. Eastern Loudoun sellersgarnered 95.7 percent of their asking price in March and in Leesburg, the ratio was 94.9 percent.Purcellville based real estate consultant Rosemary deButts summarized, "I had higher hopes for sales activity this month. Although the figuresare respectable, the market did not have the banner month we need to regain headway lost after the First Time Buyer's Credit expired lastRosemary deButts is a REALTOR associated with Atoka Properties in Purcellville, Virginia. She is certified by the National Association of REALTORS as a Short Sales and ForeclosureResource and is a Member, Institute of Residential Marketing (MIRM).Page 1

Notes concerning the data in this analysis1.The data used in this report is collected from MRIS, a dynamic database of real estate activity. This report reflects MRIS data at one time, it is a "snapshot" of activity forthe previous month that can and regularly does change as REALTORs enter listings, sales and contract information on an ongoing basis. Preliminary sales results arecollected on or about the tenth of the month for the previous month and revised with final results thirty days later.2.Eastern Loudoun includes the 20105, 20147, 20148, 20152, 20164, 20165, 20166, and 20166 zip codesLeesburg includes the 20175 and 20176 zip codes.Western Loudoun includes the 20117, 20129, 20132, 20141, 20158, 20180, 20184 and 20197 zip codes3.Active listings refers to those with "active" status on the MRIS report date of the current month and are considered a "snapshot" of activity in the previous month.Listings exclude "expired", "withdrawn" and "temporarily withdrawn" statuses. Active data includes the house types listed in Note #5 but does not include rentals.Preliminary results are not revised.4.Pending sales refers to listings marked "Contingency/KO", "Contingency/No KO" or "Contract" on the MRIS report date of the current month ("new pendings") and areconsidered a "snapshot" of activity in the previous month. Pending listings may or may not close in the future. Pending data includes the house types listed in Note #5but does not include rentals. Preliminary results are not revised.5.House types excluded from the sales analysis include "bed & breakfast", "mobile", "other", "garage/park space", "house of worship", "dwelling w/rental", "double wide","rooming house", "vacation home", or "vacation rental".6.Unless otherwise noted, "list price" refers to "original list price".7.SFD refers to detached unitsSFA refers to townhouse, attached/row house, patio, duplex, back to back, triplex, quad, over storefront, and semi‐detached unitsCON refers to garden style, mid‐rise, hi‐rise, penthouse, and multi‐family units8.In April 2009, MRIS added forced fields for short sales and foreclosures thereby significantly changing the results of these indicators thereafter.9.All sales, pending sales and active listings include new construction. All sales, pending sales and active listings are classified as "for sale"10The data in this document was prepared and analyzed by Rosemary deButts (MIRM), REALTOR and Housing Analyst.For questions about this report, please call or email Rosemary540/338.2212 [email protected] more information on the Loudoun County housing market, please visitRosemary deButts, REALTOR, ge 3

Loudoun County Existing Home Sales/Median Sales Prices2002/2011YearTotal SalesUnits% 920102011Median Sales Price % Change 269,00013.3% 309,90015.2% 390,00025.8% 485,00024.4% 484,9000.0% 439,560‐9.4% 346,500‐21.2% 335,000‐3.3% 359,9007.4% 340,000‐5.5%PreliminarySource: MRIS, NSA2011 Sales AnnualizedLoudoun County Existing Home Sales and Median Sales Prices: 2001 ‐ 20119,3819,000 485,000Total Annual Sales 550,000Total Sales 484,9006,735 500,000 439,560 390,0006,000 450,0005,3805,3425,8415,0004,000Median Sales Price8,2558,0007,000 600,0009,123 309,9005,127 346,500 335,000 269,000 359,900 400,000 340,0004,9923,000 350,000Median Sales Price10,000 300,0003,5722,000 250,000 rce: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 4

Loudoun County Monthly Sales: 2011 vs. 201020.5%‐24.7%6252011 Average2985752010 Average2009 Average2008 Average2007 Average416445448427525Eastern Ldn 2011 AverageEastern Ldn 2010 AverageVarianceLeesburg 2011 AverageLeesburg 2010 AverageVarianceWestern Ldn 2011 AverageWestern LDN 2010 thly SalesMar '11 vs. Feb '11Mar '11 vs. Mar nJulAugSepDecMonthly Sales by Area: 2011220207Eastern Loudoun189Monthly Sales180Leesburg163Western Loudoun1409810065636034324220Jan '11FebMarAprMayJunJulAugSepOctNovDecSource: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 5

Loudoun County YTD Price Stratification2009Eastern LoudounLeesburgWestern LoudounLoudoun County 200K15%21%7%16% 200‐ 399K51%38%44%47% 400‐ 599K24%27%28%25% 600‐ 799K8%10%14%9% 800‐ 999K1%3%3%2% 1M0%1%3%1% 200K11%18%9%12% 200‐ 399K51%36%38%46% 400‐ 599K25%30%32%27% 600‐ 799K10%10%13%11% 800‐ 999K2%4%3%3% 1M0%2%4%1% 200K11%15%8%11% 200‐ 399K50%40%41%50% 400‐ 599K27%31%31%27% 600‐ 799K10%11%13%10% 800‐ 999K1%2%4%1% 1M0%0%4%0%2010Eastern LoudounLeesburgWestern LoudounLoudoun County2011Eastern LoudounLeesburgWestern LoudounLoudoun CountySource: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 6

Source: MRISLoudoun County Median Sales Price: 2011 vs. 20100.6%Mar '11 vs. Mar '102011 YTD Median2010 Median Sales Price2009 Median Sales Price2008 Median Sales Price‐3.1% 340,000 359,900 335,000 341,891East Ldn 2011 YTD MedianEast Ldn 2010 YTD MedianVarianceLeesburg 2011 YTD MedianLeesburg 2010 MedianVarianceWest Ldn 2011 YTD MedianWest LDN 2010 YTD MedianVariance 425,000 390,000 382,500 400,000 373,872Median Sales PriceMar '11 vs. Feb '11 330,545 351,640‐6% 327,500 374,346‐13% 399,000 400,7430% 375,000 379,500 370,000 365,000 360,000 356,162 380,000 362,170 350,000 325,000 325,000 342,500 342,000 337,000 323,0002010 300,0002011 275,000JanFebMarAprMayJunJulAugSepOctNovDecMedian Sales Price by Area: 2011 430,000 410,000 409,000 410,000 420,000 390,000Median Sales PriceEastern Loudoun 370,000Leesburg 350,000Western Loudoun 375,000 349,900 330,000 310,000 390,000 336,485 317,500 290,000 270,000 270,000 250,000JanFebMarRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 7

Loudoun County Average Seller Subsidy: 2011 vs. 2010 5,000‐16.5%Mar '11 vs. Mar '102011 Avg Subsidy2010 Avg Subsidy2009 Avg Subsidy‐13.8% 3,562 3,814 4,584Eastern Ldn 2011 AverageEastern Ldn 2010 AverageVarianceLeesburg 2011 AverageLeesburg 2010 AverageVarianceWestern Ldn 2011 AverageWestern LDN 2010 AverageVariance 4,687 4,483 4,500Average Seller SubsidyMar '11 vs. Feb '11 3,466 3,741‐7% 3,854 4,196‐8% 3,424 3,4350% 4,000 3,889 3,649 4,227 3,771 3,933 3,953 3,627 3,405 3,500 3,155 3,548 3,000 3,211 3,665 3,2482010 2,5002011 2,000JanFebMarAprMayJunJulAugSepOctNovDecAverage Seller Subsidy by Area: Apr 2010 ‐ Mar 2011 5,500 4,812 5,000 4,509Average Seller Subsidy 4,000 3,500 4,463 4,196 4,500 4,000 3,238 3,743 3,264 3,000 3,575 3,341 2,957 3,870 5,168 4,913 4,529 4,501 4,145 4,039 4,321 3,929 3,860 3,431 3,451 3,274 3,454 3,697 3,721 3,876 3,298 3,472 3,223 3,036 2,500Eastern Loudoun 2,405 2,000 1,500 2,272Leesburg 2,037Western Loudoun 1,751 1,000AprMayJunJulAugSepOctNovDecJan '11FebMarSource: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 8

Loudoun County Share of Distressed Sales: 2011 vs. 2010‐5.4%Mar '11 vs. Mar '10‐41.0%2011 Average1092010 Average2009 AverageFeb '11 Short SalesFeb '11 REO Sales13316700Eastern Ldn 2011 AverageEastern Ldn 2010 AverageVarianceLeesburg 2011 AverageLeesburg 2010 AverageVarianceWestern Ldn 2011 AverageWestern LDN 2010 AverageVariance60.0%201055.0%Share of Distressed SalesMar '11 vs. Feb ecShare of Distressed Sales by Area: 201150.0%Share of Distressed Sales45.0%44.8%42.9%Eastern LoudounLeesburgWestern DecSource: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 9

Loudoun County Average Days on Market: 2011 vs. 2010‐8.5%22.1%902011 Average79802010 Average2009 Average2008 Average2007 Average5472108113Eastern Ldn 2011 AverageEastern Ldn 2010 AverageVarianceLeesburg 2011 AverageLeesburg 2010 AverageVarianceWestern Ldn 2011 AverageWestern LDN 2010 AverageVariance614342%905757%15111630%Average Days on MarketMar '11 vs. Feb '11Mar '11 vs. Mar 2010201130JanFebMarJulAugSepOctNovDecAverage Days on Market by Area: 2011175167Eastern LoudounLeesburgWestern Loudoun151Monthly Sales1501361251011008584697557575025Jan '11FebMarAprMayJunJulAugSepOctNovDecSource: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 10

Loudoun County Monthly Sales by Product Type157210Variance‐25%2011 SFA Average2010 SFA AverageVariance2011 CON Average2010 CON 95300267250Monthly Sales2011 SFD Average2010 SFD 0042405040184176161158133146143323125293010322Aug 10Sep 10Oct 10Nov 10Dec 10Jan 11401511201717Feb 11Mar 110Apr 10May 10Jun 10Jul 10Loudoun County Average Close Price by Product Type 505,537 516,971‐2% 292,942 301,547‐3% 168,952 182,621‐7% 600,000 550,000 554,814 495,750 450,000 536,940 350,000 300,755 502,691 524,904SFDSFACON 400,000 300,000 533,772 526,462 500,000Average Close Price2011 SFD Average2010 SFD AverageVariance2011 SFA Average2010 SFA AverageVariance2011 CON Average2010 CON AverageVariance 507,628 478,051 319,366 311,471 294,354 300,175 288,065 322,595 303,728 305,586 250,000 300,806 301,220 276,801 198,926 200,000 150,000 534,609 503,952 500,602 191,033 188,350 175,778 200,351 180,849 165,945 171,289 167,249 181,222 158,385 181,945 100,000Apr 10May 10Jun 10Jul 10Aug 10Sep 10Oct 10Nov 10Dec 10Jan 11Feb 11Mar 11Source: MRISRosemary deButts, REALTOR, MIRMwww.housinganalyst.netPage 11

Loudoun County Monthly Pending Listings: 2011 vs. 201075024.0%‐19.5%7002011 Average4236502010 Average2009 Average2008 Average484475509600Spike in April 2010 due to expiration ofFirst Time Buyers' Credit on April 30th.Pending ListingsMar '11 vs. Feb '11Mar '11 vs. Mar gSepOctNovDecLoudoun County Active Listings: 2011 v