Much has happened in the last few weeks. First, the Northern Virginia Transportation Authority (NVTA) which had taxation priviledges recently had it's taxation privileges declared as unconstitutional by the Virginia Supreme Court. In the mortgage industry the limits for a conforming loan were raised to $729,000 starting April 1st. And if that wasn't enough, the current market is presently comprised of roughly 3,100 listings as Spring begins to thaw out the sluggish market. Approximately 8% of inventory sold in January and 9% in February. The statistics for March will be published soon.

Last month, December of 2007, 328 homes sold in Loudoun. Roughly 2,800 were listed for the month of December which means more than 10% of the available market sold. This percentage follows the trend in December sales for the past 7 years. As for current conditions, 2008 started off with a rise in listings...up from around 2,800 to over 2,900, a 3.5% rise.

The Northern Virginia Transportation Authority (NVTA) has opted to raise the grantor's tax 500% from $1 per $1000 to $5 per $1000 starting Jan. 1st 2008 for Northern VA residents. For example: Previously if you sold your home for $500,000 the grantor's tax owed was $500. Now for the same sales price the tax owed is $2,500. Also, it is important to note, with the inflated assesments still occuring, that the tax is based on the sales price or the assesment, which ever is higher.

A change of power in local government occurred on the Nov. 6th during elections for the 9 county supervisors with 4 incumbent Republicans losing to Democrats.

Water restrictions are being put into place as Loudoun County continues to experience a drought that began earlier this year. Resevoir in Ashburn reaches record low.

Although home prices are still declining and home sales this year are down from the "hot" years, as a whole the market is still showing steady activity. Currently there are roughly 3,500 homes for sale in Loudoun County listed in the MLS. Of these 3,500 roughly 350 will sell, or 10% of the inventory. Slow...perhaps, definitely in comparison to the most recent years past. But inventory is still moving and home prices still show a strong upward trend if taken from 2000 forward.