Now that the dust has settled from an extremely dramatic finish to the Super Bowl, we are on to the work week and reality is right here in front of us. My husband would say that at the conclusion of football season a whole lot of people (I'm assuming men, but can't be sure) go through major withdrawal, so perhaps now is the time to concentrate on your real estate. Whether you are looking to buy or sell, this is a very good time to look seriously at the viability of selling and the options for buying.
Here are the January residential numbers for five years...obviously including 2015. Usual five counties, the four of the Northern Neck and Essex are included. Later today or tomorrow morning I'll do the same with land sales.
Even though it's just for a short amount of time, I do find this interesting and helpful. Perhaps you will too.
Residential sales for month of January
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
21 |
22 |
22 |
30 |
22* |
771 |
| $ sold (millions) |
5.0 |
5.4 |
6.2 |
7.7 |
7.3 |
314.6 |
| Median sales price |
180,000 |
172,500 |
242,500 |
169,500 |
247,500 |
299,000 |
| Median days on market |
217 |
210.5 |
249.5 |
184 |
205.5 |
246 |
**Sometimes all the sales numbers aren't in for a week or two after the closing, so the 2015 numbers may be a bit better than we see here. Doesn't change a whole lot...just keep it in mind.
So what do we have here? January sales in 2014 were the highest with the most properties sold and the most dollars changing hands. It also had the fewest median days on market. What is most telling in the 2014 numbers, I believe, is the fact that that median price is the lowest for all five years. As I watched the market I did see that 2014 continued to show a lot of foreclosures and it may well be that people were buying them pretty quickly since the price was right. In 2015 we have the highest median sales price of the five year period and that may say something positive about properties other than foreclosures and the sales. Our median days on market are back up a bit in 2015, but still below all other years except for 2014. A healthy start to 2015 with about 3 years' worth of inventory. I have a feeling that number is really going to climb come the beginning of March or April. Stay tuned....we'll put that up when we get there.
Call us if we can help you. We have great perspective on the market and can provide that to you so that you are better positioned. Thanks. --Kathryn (Kathryn Murray, Principal Broker, 804-450-4442 cell)
