The Northern Virginia Daily
Homes - Valley Real Estate Guide - May 2019
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The Northern Virginia Daily
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Rich Cooley/Daily
A for sale sign stands outside this home on Jenny Court in Strasburg recently.
Real estate market shows positive signs for everyone By Max Thornberry The Northern Virginia Daily
Despite a surging economy and friendly labor market, home sales all around Virginia remained stagnant or decreased in March. Statewide trends held true in Shenandoah County, according
to sales reports from the local multiple listing system, but Frederick and Warren counties both bucked the trends and saw upticks in home sales. Virginia REALTORSÂŽ March 2019 Home Sales Report showed low inventories around the state have caused a slow-
down in the number of homes sold, but median sales prices increased to $280,700.
average time a home spent on the market was 64 days. Dr. Lisa Sturtevant, the chief The lack of inventory also con- economist for Virginia REALTORSÂŽ stated in an email that tributed to faster turnaround times for home sellers. The aver- tight windows for buying and age day a house sat on the mar- selling homes can be a benefit ket in March was down to 61 days. In March 2018, the SEE MARKET, PAGE 6
The Northern Virginia Daily
Homes - Valley Real Estate Guide - May 2019
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The Northern Virginia Daily
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The Northern Virginia Daily
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Market Continued from 3
for buyers if sellers are looking to move their homes fast. Low supply, Sturtevant wrote, makes the market more constraining for first-time home buyers but overall, the market around the state is strong, though it varies by region. “In general, housing market conditions are positive,� Sturtevant wrote. “The main reason for that positive outlook is that the underlying fundamentals that drive the housing market are positive strong job growth, low unemployment, and low-interest rates.� Shenandoah County’s market report tracked along the same lines as the statewide report. Active
listings were down to 227 in March 2019 compared to 244 at the same time last year. Total dollar volume decreased 7.86 percent as well, as sales totaled $10,736,755 in March.
and Warren combined in March. Sales were up 14 percent to 114 homes that lasted an average of 72 days on the market, higher than the statewide average but lower than Shenandoah and Warren.
rates have been increasing since 2017 but are still “quite low by historic standards,� according to the report.
Sturtevant wrote that assessing and comparing the statewide The tight market for buyers was market to regional and local good for sellers however, as the Frederick County also broke the markets use the same figures but average sold price was up more mold in terms of where its bulk drilling down into local trends is than 8.5 percent to $214,735 and of homes for sale sat in price the most important information the average list price for homes range. Around the state and in for buyers and sellers. sold was $214,434. Shenandoah as well as Warren, Besides trends from reports such the most populated range is Sales in Warren County were as the Virginia REALTORSŽ lower than Shenandoah County $200,000 to $299,999 - Frederick’s most populated range was and local data, key indicators of (50 sales compared to 51) but the $300,000 to $399,999 range. the health of the market include were up from last year when whether the region is adding only 47 units sold. Average and Prospective buyers are facing jobs; how well or poor those median sales prices for homes in tight markets but have falling Warren County were up as well mortgage rates on their side, ac- jobs pay; the amount of invento $275,346 and $254,500 recording to the REALTORSŽ re- tory available and where interest spectively. port. The 30-year, fixed rate was rates are at, Sturtevant wrote. More homes were sold in Fred- down to 4.17 percent from 4.28 Contact Max Thornberry at mthornberry@nvdaily.com percent in March. Mortgage erick County than Shenandoah
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - May 2019
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The Northern Virginia Daily
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The Northern Virginia Daily
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Homes - Valley Real Estate Guide - May 2019
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The Northern Virginia Daily
Valuable home renovations
“HOME BEGINS HERE”
Each year, Remodeling magazine publishes its “Cost vs. Value” report to give homeowners a greater understanding of how much popular home projects will cost across the nation, as well as which renovations will offer the greatest return on investment. According to their research, these projects improved in value between 2017 and 2018 and can be smart choices for homeowners looking to add popular features to their properties. Below are the popular projects and the average cost of the renovations.
CUSTOM FURNITURE HOME ACCENTS UPHOLSTERY
• Midrange bathroom addition: $44,717 • Midrange bathroom remodel: $19,134 • Midrange deck addition (wood): $10,950 • Midrange entry door replacement (steel): $1,471 • Upscale garage door replacement: $3,470 • Midrange manufactured stone veneer: $8,221 • Midrange minor kitchen remodel: $21,198 • Midrange siding replacement: $15,072 • Midrange universal design bathroom: $16,393 • Upscale window replacement (vinyl): $15,955
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - May 2019
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