The November weather mirrored the Real Estate market with dropping temperatures corresponding to dropping sales as sales volume was down over 30 percent from a year ago. A bit of good news was that the 16 homes that sold in Orange County showed a 40 decline in the days on the market (DOM) but the average home sales price rose by less than 1 percent. Unfortunately for those with higher priced homes, only two homes sold in the $400-599K range and no homes sold that were priced above $600,000.
Clearly the housing market has shown the same pattern of improvement as the overall economy, with some bright spots, but not the sustained growth most had hoped would be the norm as we head into 2014. Despite the mixed news, there is still reason for optimism.
The inventory for foreclosed or short-sale properties has declined significantly and new home construction has increased as well. Many economic indicators point to a promising 2014 housing market, as the Federal Budget process has stabilized and the FED has hinted at the possibility of rising interest rates sometime in the late spring. Anyone who has invested in real estate in the past, has a sense that this is an excellent time to move-up, become a first time buyer, or secure a second home.
If you plan on buying or listing a home, a call to the Ostlund Team, will connect you with one of the most experienced top-producing agents in Lake of the Woods. Penny is one of the top Coldwell Banker agents in the entire state, whose knowledge of the Lake of the Woods community is unsurpassed. Please contact Penny at 540.903.9372 or Charlie at 540.903.7796, and allow the “synergy of teamwork” to assist you and all of your real estate needs.