Despite the frigid beginning to 2014 and depressed sales in January, February’s real estate market in Orange County Virginia seems to be shaking off the frost and warming up. According to the Real Estate Business Intelligence Report (RBI) sales volume in February was up nearly 22% from February 2013, and up over 33% from January of this year.
As was the case in January 2014, the average sold price was still under the $200,000 price point at $199,295 which is an increase of slightly over 3% from a year ago, and significantly higher than the homes sold in January with an increase of nearly $40,000. The Average Days on the Market is much higher than a year ago up to 112 days which is a 25% increase from February 2013. But the sale volume increase 25% with 20 detached properties sold in February this year.
With the current inventory of homes for sale extremely low compared to previous years, 2014 is emerging as a seller’s market. New home construction has increased to fill the deficit of available properties. So now could be the time to sell to capture the best possible scenario of supply and demand and low interest rates.
If you are thinking of selling your home, The Ostlund Team offers unparalleled service, innovative marketing strategies and the experience to best market your home. Also if you play on buying a home, make sure to talk to a member of the Ostlund Team about our special “Buyer’s Incentive Rebate”. Why not walk away from your purchase with some cash in your pocket for moving expenses, new furniture, remodeling or whatever you need! 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!