Real Estate Summary – Quarter 1 2017
Patrick Blood 04/26/2017
The first quarter of the year tends to be a great pace setter and indicator for the rest of the year to come in our industry. Traditionally the slowest quarter of the year because, let’s face it, some of us would much rather be hibernating until April. And sometimes the real estate statistics make that hard to refute.
This year however, is definitely trending up and the health of our regional real estate market continues its streak of year over year improvement.
Let’s start with Berkeley County because Berkeley is simply lighting it up at the moment.
First of all, we have already sold 390 houses in 2017 in Berkeley County. That is 23% more than the first quarter last year. This has resulted in a 30% increase in the volume sold which is now $68,500,000.
Sellers have to be delighted because those homes are selling in only 94 days (three weeks faster than last year) and are getting 94% of what they ask for them too. The average price of a home has also gone up 6.3% to $176,000.
Are we starting to see some of the effect Proctor & Gamble might have on Berkeley County already? Probably.
Don’t worry Jefferson County I’m not ignoring you. Yes, Jefferson County is still doing well too. And like Berkeley County, Jefferson County is also up in every key category. Though locally, there are some things to take note of.
Year to date 164 houses sold which is 7.75% more real estate volume than the same period in 2016. $39,200,000 in total.
The average price of a home increased by 4.5% to $239,000. The number of days a house sits on the market went down by over a week to 94 days (coincidentally, the same now as Berkeley County). Sellers can also expect to get 93.5% of their asking price as well.
Some of the areas we took note of were:
The average price of a home in Charles Town came down nearly 3.5% to $228,000. Not a huge drop, but a slight surprise given what we and our colleagues in the industry are feeling in Charles Town at the moment.
Homes in Shepherdstown are selling in an average of 182 days. Twice as long as anywhere else in both Jefferson and Berkeley Counties. A 6-month market exposure demands patience from sellers.
However, also in Shepherdstown, the average sales price went up a full 10% to $326,400. $86,000 more than the average county wide. One would think there is an obvious correlation between those two statistics.
Harpers Ferry had a first quarter mini-boom. The average sales price went up 25% and the total volume sold went up 40% over the same period last year.
Ranson’s average price went up 14.5% while their number of days on market shrank to only 79 days. Nearly 4 weeks less than last year.
So, overall, quarter one returns great statistics for both Berkeley and Jefferson Counties. As an indicator for how the rest of the year should go in real estate in our region, this shows that we should be expecting another very positive year.