Despite some indication of a modest improvement in the real estate market in Orange County Virginia from February through April, the market indicates, that if May is any indication, it is still struggling to find that elusive pot of gold at the end of the “Rainbow”.
According to Real Estate Business Intelligence (RBI) reports, after an extremely disappointing start to 2014 in the month of January, where sales volume plummeted over 50% from January the previous year, most likely due to a historically challenging winter, early spring show a slight improvement from that same period in 2013. All three months showed an increase in sold dollar value, with February posting an impressive 21% increase. Overall the number of units sold only increased by one, 83 compared to 82 the same three month period in 2013. The trend of homes priced below $200,000 dominating the market continues. In fact only 10 of the 83 homes sold in Orange County were priced over $299,000. The positive trend came to an abrupt halt in May.
Sales of homes in May 2014 compared to 2013 dropped over 31%, with the number of homes sold decreasing from 58 a year ago to 39 this year. There was also a slight increase in days on the market to an average of 123 for those homes that sold in May. Again the trend of a stagnant market in the upper price ranges continued as only one home priced above $400,000 sold in Orange County in May 2014.
It still remains a buyer’s market as active listings went over the 300 mark for the first time this year, and comparing May this year to 2013, active listings has increased nearly 40%. What is needed from sellers is first and foremost patience, willingness to assess their goals and anticipate a challenging market. For buyers, my suggestion is to be aggressive and take advantage of the low interest rates now. Let’s hope the sun shines and the elusive rainbow leads to a more active market for the summer of 2014.
Remember for all of your real estate needs call the Ostlund Team, and allow them to share the synergy of teamwork to help you achieve your real estate goals. The Ostlund Team will work “OverTime” for you!