Canter Estates, Stephens City, VA 1st Quarter Real Estate Report – 2018

Canter Estates, Stephens City, VA 1st Quarter Real Estate Report – 2018

Canter Estates, Stephens City, VA had a great first quarter real estate report. The market is up 100% over 2017, and it had no foreclosures or short sales. The number of Canter Estates, Stephens City, VA 1st Quarter Real Estate Report - 2018distressed properties is significant. During the down days of the recession, the first quarter in Canter Estates was heavily dominated by distressed properties. For instance, 2010 had 75% distressed properties in 1st quarter sales, 2011 had 50% and 2012 was back up to 75%. Zero distressed properties in 2018 should give homeowners confidence that their property values are steady and heading up.

Canter Estates, Stephens City, VA 1st Quarter: Property values climb

The lack of distressed properties bodes well for property values in Canter Estates. Foreclosures and short sales in any neighborhood can drag property values down. When they are absent, true property values surface.

Canter Estates, Stephens City, VA 1st Quarter Real Estate Report - 2018Another positive sign for Canter Estates is the average sales price. Each year since 2014, average sales price has risen. From 2014 to 2015 property values rose 4.6%. The rise was smaller from 2015 to 2016 with a 1% change in values. The biggest property increase happened between 2016 to 2017 with 14% and 2017 to 2018 climbed 1.5%. The good news in the numbers is that there has been a steady climb in property values and a steady decline in distressed properties.

Canter Estates, Stephens City, VA 1st Quarter: Another number that can give insight into a neighborhood’s health is Day on the Market.

Days on the market is an unusual indicator of a real estate market’s health. In some cases, it can be significant. In other scenarios, it can show almost nothing. It is not an indicator that I would encourage home buyers or sellers to depend on when it comes to the decision-making process.

Canter Estates is a perfect example of a subdivision where the DOM mean nearly nothing. The numbers have hardly changed over the past five years. They have gone from 55 in 2014 to 53 in 2018. The shortest DOM was 2016 at 39, and the longest was 2015 with 61. The change is so insignificant, that it would not be a number that would give a buyer an advantage in the offer price, nor would it tell a seller there is something wrong with his/her home.

Canter Estates, Stephens City, VA 1st Quarter: Steady, healthy and highly desirable.

If I was going to describe Canter Estates, Stephens City, VA, I would say it is a neighborhood that is steady, healthy and highly desirable. Its position along highway Rt 522 gives is quick access to Rt 66, I81, Rt 50 and Rt 7. It is a commuters dream come true. Quick access to the DC metro area makes it valuable for commuters, and the home prices are stunning in comparison to its eastern neighbors.

When you’re ready to buy or sell in Canter Estates, Stephens City, VA, give me a call at Cornerstone Business Group, Inc. I am your local real estate sales pro, and I’m here to help you make something great happen.

 

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Loudoun County, VA 1st Quarter Real Estate Market Update – 2018

Loudoun County, VA 1st Quarter Real Estate Market Update – 2018

The Loudoun County, VA 1st quarter real estate market had a great first quarter. The market continues to expand, home prices continue to climb and distressed properties continue to decline. It’s going to be a sunny Spring.

Loudoun County, VA 1st Quarter Real Estate – Average Sales Price

There was a 6% average sales price improvement over the first quarter of 2017. The Loudoun County, VA 1st Quarter Real Estate Market Update - 2018average home sale price was $516,700. In 2017, that number was $486,382. Most of the past five years have shown some level of improvement, but the 2017-2018 increase is the highest. The 2014-2015 average sales price increased 2.2%, but 2015-2016 dropped slightly at .02%. That quickly rebounded with a 1.4% increase from 2016-2017.

Loudoun County, VA 1st Quarter Real Estate – Number of home sales

The number of home sales in the first quarter has followed a similar pattern over the past five first quarters. In 2018, 1250 homes were sold. That was a minor decline (-4.8%) from 2017, which has 1313. The 2017 first quarter improved over 2016 by 4%, and 2016 first quarter improved 6% over the first quarter of 2015. The biggest jump in the past five first quarters was 2014-2015. That jump was 10%.

The challenge for 2018, and the most reasonable explanation for the small decline is the lack of existing homes on the market. The lower inventory that has plagued the country for the past nine months most certainly affected the volume of home sales. Now that Spring is upon us, the market is likely to show increased numbers over the same period last year.

Loudoun County, VA 1st Quarter Real Estate – Distressed properties are no longer distressing

Loudoun County, VA 1st Quarter Real Estate Market Update - 2018The number of distressed properties also continues to decline. The first quarter only 2.9% of all sales in the distressed category. There were 17 short sales and 19 foreclosures. That is the lowest number in five first quarters. The 2017 market had 6.1% distressed properties and 2014-2016 averaged 7.5% over the three first quarters.

The nationwide foreclosure rate dropped to a 12 year low in 2017. The drop was 27% from 2016 to 2017. The largest change can be seen in the 2010 to 2017 market which was a drop of 76%. Currently, the national foreclosure rate is at the lowest it has been since 2005. The national first quarter foreclosure rate is below the pre-recession rates, and it has been for six consecutive quarters.

The Loudoun County, VA 1st quarter real estate market’s 2.9% is a good sign for home sellers. The lack of foreclosures and short sales on the local market will give greater stability to local housing prices, and that can be seen in the continually improving average sales price.

Loudoun County, VA 1st Quarter Real Estate – Active listings and pending home sales

The current pending home sales in the Loudoun County, VA real estate market are now at 980. That number nearly eclipses the total sales for the first quarter of 2018. The average list price of the pending sales is $545,766. If that number holds or stays close through closing, the second quarter may see a rise in average home sale prices.

With lower than needed inventory, buyers are scrambling to buy homes soon after they hit the market. The current number of available existing homes in 1134. In a market as big as the Loudoun County, VA market, that is not many. There is some light at the end of the low inventory tunnel. The January 2018 inventory increased year to year by 13.35%.

If the trends of higher home sales, high average sales prices, lower distressed properties and improved inventory continues, the Spring is going to be very sunny for Loudoun County, VA real estate. When you’re ready to list your Loudoun County, VA home, give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros.

Winchester-Frederick County, VA 1st Quarter Real Estate Update – 2018

Winchester-Frederick County, VA 1st Quarter Real Estate Update – 2018

The Winchester-Frederick County, VA 1st quarter real estate market had a good first quarter. The first three months of the year tend to be a slower home sale period, but the local market increased sales by 13% over the 2017 first quarter. That’s a great jump year to year. The change is more of a sign of stability than the previous five first quarters.

Winchester-Frederick County, VA 1st Quarter Real Estate Update – Five year change.

A slow steady change is more indicative of a healthier market. Large swings may show volatility in the market. At the 10 year anniversary of the Great Recession, home sales are in a similar place as they were at that time. That’s no reason to panic in the current market. The major changes since the pre-recession relate to loan qualification and regulation. The subprime and low-document loans are no longer prominent today.

Buyers are being qualified based on verifiable data, and the changes in loan regulations Winchester-Frederick County, VA 1st Quarter Real Estate Update - 2018have lenders crossing all the T’s and dotting all the I’s before a loan is approved. Fewer real estate agents are willing to jump into a car to show property to buyers who have not been pre-qualified for a loan. Those changes alone have added to market stability.

The Winchester-Frederick County, VA 1st quarter real estate market has seen real changes since the dog-days of the recession. The improvement in the volume of home sales is up 53% since 2013. The years between 2011-2015 had periods where the market was brutal. Though there were periods with positive signs, the market did not offer confidence that the worst was behind. Even as late as 2013, the market was still tenuous. Home sales dropped 7% in the first quarters year to year between 2013-2014.

The 2014-2015 market increase in the first quarter was a 17% improvement. The next two years 2015-2016 saw 0% growth in the first quarter. Finally, the 2016-2017 market saw a 24% increase and 2017-2018 increased 13%. Nationwide, the increases have been 3-6%. That puts the Winchester-Frederick County real estate market in a better place than many other communities throughout the country.

Winchester-Frederick County, VA 1st Quarter Real Estate Update – Inventory Issues Continue

Low inventory has plagued much of the country throughout the past nine months. Winchester-Frederick County is no different. The current number of existing homes available is 267. That’s an improvement from February and March, but is woefully low considering the buyer pool.

Sellers do have an advantage in the current market, but the current conditions are giving buyers heartburn. It is common for properties to hit the market followed by multiple offers with lower numbers of contingencies. Buyers are avoiding home inspections, paying more than list and shortening their closing times to gain an advantage.

That works well for sellers, but buyers may be buying homes that have issues that will be expensive to repair once they take possession. By paying more than list, buyers are having to bring more money to the table than they expected. The market inventory problems do create a certain amount of uncertainty for buyers.

Winchester-Frederick County, VA 1st Quarter Real Estate Update – Distressed properties

Another area that is stabilizing is distressed properties. Distressed properties are made up of short sales and foreclosures. The numbers have hovered around 6% year to year, and the first quarter was in the range at 7.4%. There were 23 foreclosures in the first quarter and 3 short sales. They were 7.1% in the 2017 first quarter. That’s consistent since the market has taken a turn toward stability.

The market has been a roller coaster since 2008, but there has been a consistent fight to get back to stability since 2011 and beyond. For those watching closely, it has looked like a street brawl, but the causal observer probably hasn’t noticed the extreme swings. Having looked at every month, quarter and year since the recession, I can see a steady return to a healthy market. It is a welcome sight.

When you’re ready to buy or sell in the Winchester-Frederick County, VA real estate market, give me a call at Cornerstone Business Group, Inc. I am your local real estate sales pro.

 

Wakeland Manor, Stephens City, VA Real Estate Market Report – 2017

Wakeland Manor, Stephens City, VA Real Estate Market Report – 2017

Wakeland Manor, Stephens City, VA is a unique neighborhood of old and new and different. It is made up of older homes from the early to late seventies and more recent construction. It also has a section of luxury townhouses that are spacious and attractive.

The townhouse area has its own playground, tennis courts and a basketball court. In the newer section of detached homes there is a swimming pool that is available to residents. The newer section also has a community center. There are few areas in the Winchester-Frederick County real estate market that match Wakeland Manor amenities.

Wakeland Manor, Stephens City, VA Real Estate Market: The good news

The Wakeland Manor real estate market has two markets running on parallel tracks. Wakeland Manor, Stephens City, VA Real Estate Market Report - 2017The townhouse complex constitutes one market and the detached homes covers the the other one. Even there, the older homes are a market unto themselves. When you look at the market as a whole, the average sale price for 2017 was $260,454. Remove the townhouses from that and the average sales price was $302,489. The townhouse average sales price for 2017 was $215,617.

There were 62 combined sales in 2017. The detached homes sales made up 32 of those sales. In the combined number, there were 4 distressed properties. Each parallel track had 2. In all areas of Wakeland Manor, the real estate recession of 2008 caused a substantial drop in home values.

The 2007 home average sales price was $299,280 compared to the $260,454 today. That is a 13% drop in value over that 10 year period, but that is in line with the broader Winchester-Frederick County, VA market. The average, market-wide, is still 12% below the 2007 market. When you consider that the overall market took a 37% hit in 2008-2009, the recovery is fighting its way back to the pre-recession values.

Wakeland Manor, Stephens City, VA Real Estate Market: Distressed Properties

The continuing improvement in the Wakeland Manor real estate market is also seen in the number of distressed properties. Distressed properties are short sales and foreclosures. Both types can hurt home values when the numbers are high. In 2013, the total number of distressed properties were 25% of total market sales in Wakeland Manor. When those sales, which tend to be lower, are factored into area property values, they tend to reduce property values on a broad scale.

The 2017 distressed property sales in Wakeland Manor were 6.5%. That is in line with the overall Winchester-Frederick County, VA real estate market. This is an area that has been showing signs of improvement since 2013. From 2010-2012, distressed properties averaged 30% in Wakeland Manor. From 2014-2017, distressed properties averaged 7.25%. That leaves 2013 as the last dismal month for distressed property sales. That’s a good sign of an improving neighborhood economy.

When you’re ready to buy or sell in Wakeland Manor, give Cornerstone Business Group, Inc. a call. We are your local real estate sales pros, and we’re here to help make some great happen.