Market report

Front Royal Real Estate News

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Activity

+/- last month

Number of active listings

218

-3

Number of sales

24

-8

New listings

41

-19

New under contract

17

-11

Average sold price

$158,767

-$34,924

Average sold price/original list price

94.0%

3.1%

Average Days on Market

62

-19

The January figure for Days on Market (DOM) was down from January at 62. February 2013 was 87 DOM.

Overall inventory (# of sales in the month/# of active listings) jumped from 6.9 last month to 9.1 months: still technically remaining a balanced market, but with a large difference between homes priced below and above $200,000. Last year at this time, the inventory was 8.3 months.

The average selling price was down over $34,000 at $158,767 – the second consecutive month with a large drop. The median selling price was also down almost $10,000 at $150,000. That is down over $20,000 from last year’s figure.

The ratio of sold to listed prices achieved was up at 94%, but almost all other indicators were down. The number of homes sold was down 8 at 24 sales, and new listings were down nearly 50% with 41 new properties on the market. Pending sales were down 65% from last month. The total sales volume for the month was $3.8 million – down 17% from the same time last year, and down nearly 50% from January 2014 ($6.2 million).

Seven homes were sold within 30 days of going on the market, another 11 within 60 days, 5 in 120 days and 1 within 6 to 12 months.  The most popular method of buyer financing was conventional loans (8), followed by “other” with 5 instances, then cash at 4 and 3 FHA loans.

Distressed sales represented 27% of the total value of the sales closed in February. That compares with 21% for January, and 17% for the full year of 2013.

DOM

inventory

The months’ inventory chart above shows that the stock of available houses is up significantly from last month. This may have been due to the weather, but we will know better when the March and April figures are out.

The average sold price dropped back to $158,767, but the rolling 12-month average continued to rise. The average Days on Market (DOM) decreased in February to 62 days.

agsold

The chart below shows that overall inventory has increased again, now over 9 months; still maintaining a balanced market overall, but with extreme buyers’ markets in most price ranges.

salesband

Properties of Interest

Cheapest local listing
27 Indian Mound Ct
Current list price $60,000
New to the market
145 Blue Ridge Rd
Current list price $82,000
27 indian mound 145 blue ridge