Shenandoah County, VA Real Estate Market Review – 2017
The Shenandoah County, VA real estate market had a great 2017. The market continues to expand sales and distressed properties (short sales and foreclosures) are dropping yearly. There are plenty of reasons to be enthusiastic.
Shenandoah County, VA Real Estate Market: Positive Numbers
The Shenandoah County, VA real estate market has a lot of positive numbers to bolster buyers and sellers. The average sales price is up 8.5% over 2016, and it is up a stunning 16.6% over the 2013. Not every year has been in positive territory since 2013, but four out of five have been better than post-recession 2009-2012.
The market is still 16% off of the 2007 market highs and off 3.6% from the 2008 highs. It is up 30% above the 2011 recession low. Since the market recession began in 2008, the Shenandoah County, VA real estate market has fought its way back year by year with only a few years of serious difficulty.
Shenandoah County, VA Real Estate Market: Distressed Numbers
Distressed properties are a key indicator of a market’s health. When a market has high foreclosures and short sales, the average home valued drops. The presence of distressed properties creates an environment of uncertainty and the real estate market climbs the stairs of certainty.
Distressed properties made up 7% of all sales in 2017. That may sound high, but the market neighbors to the north, Frederick County and Winchester City, average 6%. The 7% number is more of the norm and less of a reason to panic. When you realize where the market has been, that 7% looks pretty good.
The percentage of distressed properties in 2016 was 10%, 2015 was 11%, 2014 was 13% and 2013 was 22%. Those numbers are all higher than the average, but they are numbers showing a market that is recovering from the recession. When you factor in the 2008-2012 numbers, a better picture evolves. In 2008, at the early stage of the recession, distressed properties made up 34% of home sales. That was followed by 29% in 2009, 43% in 2010, 40% in 2011 (the worst year of the recession in Shen Co.) and 38% in 2012.
The 2008-2012 numbers make 2017 look incredibly good. The difference from 2017 to the worst number of distressed properties in 2010 is a 16.3% change. That’s substantial. The change shows a market that has found its way back to profitability.
Shenandoah County, VA Real Estate Market: Days on the Market
Another indicator of a market’s health can be days on the market. This isn’t always the case, but it can be an indicator of a positive move forward. The 2017 DOM average was 112. When you compare that to 2013 at 146, you can see a positive change in the contract to closing time.
Days on the market went as high as 156 in 2009, but it has not been below 112 DOM since the recession. The Shenandoah County, VA real estate market average days on the market tends to be at the 100 DOM range. Anything below that would show a change in the flow of home sales. Even before the recession, homes were at or around 100 days on the market.
When you look at the Shenandoah County, VA real estate market, you see increasing home sale prices, lower distressed properties and shorter days on the market. That is a sign of a healthy market.
When you’re ready to buy or sell in the Shenandoah County, VA real estate market, give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros, and we can help you make some great happen in 2018.