Tag Archives: real estate stats

Housing Supply Is Rising. What Does That Mean for You?

An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point we’ll see. Odeta Kushi, Deputy Chief Economist at First American, recently said of our supply challenges:

It looks like inventory may have hit a bottom (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.

To put it into perspective, the graph below shows levels of inventory rising since the beginning of the year:

We’re still not close to a balanced market, which would be a 6 months’ supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. And that leaves many buyers and sellers wondering the same thing: what does that mean for me?

Buyers: More Options Are Arriving, so It’s Time To Act

If you’re a buyer, more inventory coming to market is a welcome sight. More supply means more options and less competition, which could mean fewer bidding wars.

According to the latest Monthly Housing Market Trends Report, supply levels are continuing to increase, which is different from the typical summer market:

“In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.

If you’re having trouble finding your next home, this news should give you the hope and motivation to keep your buying process moving forward. Experts project mortgage rates will begin increasing, which will make purchasing a home less affordable as time passes. You can still capitalize on today’s low interest rates, so stick with your search as more homes come to market.

Sellers: Our Supply Challenges Aren’t Over Yet, so Now Is the Time To Sell

If you’ve been putting off selling your house, you shouldn’t wait much longer. The year’s month-over-month gains in homes for sale have helped buyers, but we’re still very much in a sellers’ market.

As the graph below shows, even with the number of homes for sale rising, we’re still well below the supply levels we’ve seen historically:

Of course, more homes are coming to market now, and more are expected in the coming months. Selling your house this summer gives you the chance to get ahead of the competition and maximize your sales potential before more homes are put up for sale in your neighborhood.

Bottom Line

More homes for sale means more options for buyers and more competition for sellers. Whether you’re looking to buy or sell, let’s connect today to discuss your options and why it’s still a good time to make your move.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

market stats

April 2020 Lake of the Woods Market Statistics

In April, 20 homes sold in Lake of the Woods.
2 sold between $130-200,000;
7 sold between $200-249,000;
5 sold between $250-299,000;
6 sold between $300-400,000;

66 Active Listings for Sale
48 Homes Under Contract
33 Homes Sold since January 1, 2020.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

market stats

February 2020 Lake of the Woods Market Statistics

In February, 16 homes sold in Lake of the Woods.
2 sold between $130-200,000;
1 sold between $200-250,000;
7 sold between $250-300,000; 5 sold between $300-400,000;
1 sold at $600,000.

66 Active Listings for Sale
48 Homes Under Contract
33 Homes Sold since January 1, 2020.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

market stats 2020

The LOWdown on Real Estate at the Lake 2019 By Pat Licata

The continued inventory shortage experienced by most regions of the country was evident in Lake of the Woods again in 2019. Listings increased only 6.4%, from 373 in 2018 to 397 in 2019, while closed sales were up 28.6%. New construction accounted for 30 of the 301 sales. The median sold price increased a healthy 8% year over year from $249,900 to $270,000.

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Of the 301 total sales reported in 2019, only 5, or 1 1/2%, were either short sales or foreclosures. At the height of the distressed real estate market in 2010, a whopping 43% of all sales were either short sales or foreclosures.

So let’s look at our steady growth over the past five years:

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In 2015, there were 247 sales, with 15% being distressed. Those total sales represented almost a 30% gain over 2014, and the median sales price was $210,000.  

In 2016, the market was quite flat compared to 2015 in regards to total sales, which held at 243 with a decrease in distressed sales to 11.1. However, 2016 saw the median price jump to $225,000, a healthy 7.1% increase.

In 2017, there were 294 total sales, a whopping 21.1% increase over 2016 with only 5.8% being distressed. The median sales price climbed to $239,000.

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Average days on the market (DOM), which is the number of days it takes from the time a property is listed until it goes under contract, has steadily declined from 127 in 2015 to 57 in 2019.

It’s also telling to note that a significant number of lots have sold in the past five years.  From January 1, 2015-Decemeber 31, 2019, 184 lots exchanged, with 41 occurring in 2019, down from 55 in 2018. There simply aren’t that many lots left in LOW.

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New construction has been climbing, as well. 2015 realized 41 new construction starts; in 2016, there were 28; in 2017, there were 30; in 2018, there were 34; and in 2019, there were 48.

In 2020, according to Freddie Mac and the Mortgage Bankers Association, mortgage rates are expected to stay within the 3.7-3.9% range.

The prognosis for 2020, as it was in 2019, is excellent! In LOW, there are 57 homes active on the market as of 1/14/2020. In January of 2018, there were 62. Low, stable rates and hopefully more inventory should propel us to experience healthy sales and appreciation.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

monthly stats

January 2020 Lake of the Woods Market Statistics

In January, 12 homes sold in Lake of the Woods.
3 sold between $130-200,000;
1 sold between $200-250,000;
4 sold between $250-300,000; 2 sold between $300-400,000;
2 sold above $650,000.

49 Active Listings for Sale
30 Homes Under Contract
12 Homes Sold since January 1, 2020.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

market stats 2020

December 2019 Lake of the Woods Market Statistics

In December, 17 homes sold in Lake of the Woods.
4 sold between $200-250,000;
5 sold between $250-300,000; 6 sold between $300-400,000;
2 sold above $650,000.

60 Active Listings for Sale
20 Homes Under Contract
301 Homes Sold since January 1, 2019.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

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August 2019 Monthly Statistics

In August, 35 homes sold in Lake of the Woods. 8 sold under $200,000; 8 sold between $200-250,000; 8 sold between $250-300,000; 7 sold between $300-400,000; 3 sold between $400-550,000; and 1 sold above $750,000.

64 Active Listings for Sale 
35 Homes Under Contract 
214 Homes Sold since January 1, 2019.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

marketstatistics

July 2019 Lake of the Woods Market Statistics

61 Active Homes for Sale 
55 Homes Under Contract 
186 Homes Sold since January 1, 2019.

(Data as of August 14, 2019)

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

market stats 2020

July 2019 Monthly Statistics

In Lake of the Woods for July, 2019 the statistics are as follows: A total of 35 homes were sold, all of them were standard sales. 10 homes sold between $175-250K, 15 sold between $250-350K, and 10 sold for over $350,000.  Additionally, 5 lots were sold between $19,000 and $29,900.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

June 2019 Monthly Statistics

In Lake of the Woods for June, 2019 the statistics are as follows: A total of 39 homes were sold, all of them were standard sales. 15 homes sold between $175-250K, 20 sold between $250-350K, and 4 sold for over $350,000.  Additionally, 5 lots were sold between $26,000 and $40,500.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.