Shepherdstown on the Rebound – Q1 2016 Real Estate Rundown
Patrick Blood 04/27/2016
These quarterly reviews are fun to write when the market is on the up, it has been at least two years since I had to write a negative one. Here’s another positive and improving real estate statistics rundown for Jefferson County WV and Q1 2016.
Ranson was the only area of the county to see a decrease in the total dollar volume of real estate sold for the first quarter. They went down 21.5%. Which equated to a 39% drop in the number of homes sold, only 14. Their average time on the market is 104 days. However, on the positive side, the average price of a house in Ranson went up 28.9% to $194,800.
Shepherdstown is back with a bang. After a very sluggish q1 in 2015, it is up 217% in dollar volume sold this year. 25 houses sold so far this year compared to 10 last year. The average price is also up 26.9% to $296,800. Still on the sluggish side, it takes a house 125 days to sell in Shepherdstown and buyers tend to have some good negotiation room with the average house selling at 90% of asking price.
Kearneysville also had a very strong start to 2016 and sold 72.6% more real estate dollars than last year. They also sold 21 houses in q1 compared with 11 last year. They sold in an average of 105 days which was 38% slower than last year. Buyers have the most room to negotiate here with houses selling for only 84.5% of what sellers ask. This assists with seeing the average price of a house down nearly 10% at $189,400.
Harpers Ferry is up 13% in volume sold and also sold 36 houses in q1 versus 30 last year. The average price dropped 5.4% and sits at $196,800. Houses take 105 days to sell. And sellers take 93% of asking price.
Charles Town sold 65 houses (over 27% more than last year) and accounted for 41% of all the houses sold in Jefferson County. This volume was $15.3 million, a 20.5% increase over last year and 42% of the county’s total. The average price dropped 5.4% to $235.700. It is also the only area where houses are selling faster than last year. Only 79 days on the market and sellers see 94.5% of what they ask for the house too.
Jefferson County as a whole is up again in virtually every area. More houses are selling in 2016 than in 2015 (29% more). Also, more money is being spent on houses this year than last year (36.5% more). However, they are selling about 13% slower than last year (3.5 months).
Buyers are able to buy selectively right now and have on average 8% of negotiation room off “sticker price”. If a house is priced too high, there may be a little more room on price, think 10%, not much more. However, buyers still need to be a little cautious because if they place a deliberately low ball offer on a property, there are plenty of other more serious buyers out looking to give sellers other viable options. It is also worth noting, that if a house is priced aggressively, buyers can expect to find themselves in a multiple offer situation and paying above asking price in the end.