2016 real estate in review
Patrick Blood 01/13/2017
I don’t know how it felt for you guys, but for us at Blackwell 2016 absolutely flew by. We saw a very slight dip in intensity during the snowiest part of last winter, but never really saw the seasonal slowdown we expect through the winter months as a whole. It felt like we were busy all year long.
When we reviewed the annual statistics this week, we saw that the numbers definitely reflect what we felt.
Jefferson County is proving to be the place to be in our greater local tristate region. All of our neighboring counties experienced good overall growth. But Jefferson County has quite a considerable gap amongst the counties.
Loudoun County VA – up 8.64%
Clarke County VA – up 13.49%
Frederick County VA – up 5.02%
Frederick County MD – up 14.64%
Berkeley County WV – up 10.19%
Jefferson County WV – up 24.45%
A lot of our clients have started off looking in both Jefferson County and Frederick County VA. Both counties are closely matched in term of overall demographics, commuter convenience and our real estate averages are also comparable.
Frederick County VA has a slightly higher average cost of $257,861 while Jefferson County WV has an average cost of $243,713, so call it a $14,000 difference. Our clients reported ultimately choosing Jefferson County in 2016 not because the homes were a little cheaper but because the schools are rated better. We thought that was interesting.
We like to try and give as balanced a review as we can when looking at these statistics – reporting on the negatives we notice as well. However, there is nothing negative to speak of across all counties. Clarke County saw a 9.5% dip in their average price of a home, though they sold over 25% more homes this year than last, so that just says people are taking advantage of the slightly reduced prices.
Houses are not sitting on the market for any overly stressful duration of time. If the house is priced right it is going to sell. Here’s the days on market (how long it takes a house to sell) chart for all of the counties mentioned above:
Loudoun County VA – 51
Clarke County VA – 111
Frederick County VA – 77
Frederick County MD – 72
Berkeley County WV – 87
Jefferson County WV – 80
Clarke County seems a little sluggish compared to everyone else but it is a small county sandwiched between one of the top counties in the nation and some larger counties in VA and WV. Both those counties have similar homes going for $100,000 less with “20 minutes extra commute”. It is bound to feel a bit of a pinch.
Loudoun’s little more than a month and a half average is just ridiculous!
We’ve been regularly reviewing and reporting these real estate numbers at Blackwell for 6 years now and this makes the 6th straight year with positive year over year results in a row. We like to describe this growth as manageable and controlled. Long may it last.
2017 – show us what you got.