Reviewing the sales graph, notice the increase in Median Sales Price throughout the last 3 quarters of 2016. As we can see, in previous years, the spike in Median Sales Price took place mostly during the second quarter only…when higher priced/larger sized homes sold during Spring Market. The steady incline in median sales price is an indication that it’s not just a seasonal trend, but the result of low inventory and/or multiple offers that drove the median price up in Washington County, VA significantly.
When looking at the graph also notice the purple column, representing Supply/Demand percentage, increasing throughout the year. This is a percentage of sales during the quarter compared to the number of NEW listings. If the percentage is below 50%, which indicates more houses are coming on the market than selling, then it’s a buyer’s market. If the percentage is above 50%, which indicates more homes are selling than new listings coming on the market, then we have a seller’s market. Status quo is 50%….which means we are definitely in a Seller’s Market with low inventory leading to higher sales prices.
Southwest VA experienced a 15.7% increase in number of sales in Q4 2016 (Oct-Dec 2016) compared to Q4 2015; this is a more robust increase than any other area in the state according to the Virginia Association of REALTORS Home Sales report for Q4 2016!
We have buyers, we need homes to sell! Call us to discuss listing your home TODAY!