Posted by Patrick Blood of Blackwell Realty:
Most of the offers we are receiving at Blackwell in the last several weeks are “home sale contingent”. These are generally reserved for very strong markets because the buyer has to sell a house before they can buy the new one. They are also confident that their current house will sell quick enough to have no impact on the processes involved in the purchase of the new one in any way.
In contrast, Jefferson County reported down 6% for the first quarter of the year and the median price of a house in the county dropped 10%. Where is this confidence coming from? The answer isn’t easily visible when you drill down either, with thelocal markets looking like a mixed bag. Here is the breakdown:
Shepherdstown is down 63% so far in 2015. 10 houses sold. They sold quickly with an average of 63 days. They also sold for 93% of what the sellers asked for them. The median price is$209,000.
Kearneysville is down 32.5%. 11 houses sold. Homes took 76 days to sell but sellers did get an area best 95%. The median price is $229,250.
Harpers Ferry is down 4%. 30 houses sold. Homes took 88 days to sell and sellers got 94.7% of what they wanted. The median price is $207,500.
Ranson is up 17.9%. 23 houses sold. Homes sold in 88 days and for 93% of their asking price. The median price is $155,000.
Charles Town is up 30%. 51 homes sold. Homes sold slower at 97 days and sellers got 94%. The median price is $222,500.
These numbers do reflect what certainly felt like a long winterand it is traditionally the slowest quarter of the real estate year. The long winter also forced people to be a little slower in jumping in to action initially.
What can’t be ignored is the perceived confidence and optimism in the market at the moment. Whether the realtors are driving it alone or if we are going to see numbers reflective of the confidence is a question for the coming months. I will say it does feel very strong at the moment. Blackwell’s numbers are more reflective of the home sale contingencies than they are of the county statistics, but we’re not quite ready for all of these contingent offers yet in my opinion.