Lake of the Woods Virginia- Real Estate News Year to Date-July 2015

As one would expect with reasonably positive national economic news, real estate markets would continue a general recovery. Clearly month to month variations are fairly common, particularly today with the extended time involved in loan processing and actually getting a sold home to closing. Additionally, there are significant variations in home price gains and losses in regional markets reflecting demographic trends and job prospects. Who would have imagined 10 years ago that North Dakota would have the hottest economy today? In any case the following information gathered from Real Estate Business Intelligence, LLC. (RBI) provides a comparison between the real estate market in Lake of the Woods and the general Mid-Atlantic Region, which includes Virginia, DC and much of Maryland and West Virginia.
In both the Mid-Atlantic region and Lake of the Woods VA, as on July 31, there was an increase in the Sold Dollar Volume, with the Mid-Atlantic Region see a 14% increase and Lake of the Woods realizing a 39% increase. Although the Median Price Sold (MPS) increased a just shy of .5% in the Region, LOW’s MPS actually decreased almost 3%. The average Days on the Market decreased in Lake of the Woods but it still remains over 100 Days; however, in the overall Region there was a 7% increase in the Days on the market but is still a full month lower than the market in Lake of the Woods at 72 days.
Lake of the Woods still remains a very affordable community compared to the greater Mid-Atlantic Region, as reflected in the over $130,000 price differential in the Average Sold Price. Home prices are comparatively lower and still declining, take a little longer, but with a nearly 40% increase in volume clearly the market in Lake of the Woods is much better at this point than last year.