Orange County Virginia Real Estate Review-2013
As we head into a brighter Real Estate market for 2014, here are some highlights as reported by Real Estate Business Intelligence (RBI), an MRIS company for January through December 2013. The total dollar value of homes sold in Orange County Virginia increased 13% in 2013 from just over $85 million to over $96 million, with the average price of closed properties increasing nearly 2% or slightly over $209,000. Total number of home sales increased to 460, up 45 from 2012, for an 11% gain for the year.
There were positive trends, albeit all under 5%, for average list price, ratio of average sold price to average list price and average days on the market which was 117 days. The market was robust for homes priced under $200,000, which accounted for nearly 60% of the homes sold in 2013.
Clearly, and certainly no surprise, homes priced at or below market value sell more quickly. The good news for sellers as we enter 2014 is that there is a significant decline in inventory which makes it more of a sellers’ market than it has been for over two years. With interest rates remaining low, and the number of bank owned and short sale properties declining, the solvent home owner is positioned perfectly to sell, particularly in homes priced under $200,000. This could then create a growth in the “move-up” market which has been conspicuously missing in the past few years.