Was the 2020 Real Estate Market in the Shenandoah Valley the Worst?
The 2020 real estate market in the Shenandoah Valley was the worst, right? Well, no. It was the best real estate market in the Shenandoah Valley over the past five years. Despite Covid-19, lockdowns, quarantines, restaurants closed, schools with unusual schedules and a host of other anomalies, the market thrived. Home sales for Winchester, Frederick, Clarke, Warren, and Shenandoah Counties came in at 4174 sales for the year. How does that compare to past years?
The 2020 market was up 21% over 2019. The 2019 market had 3429 sales which topped 2018 by 14.4%. The sales for 
2018 compared to 2017 were nearly even at 2995 and 2987, and 2016 had 2903. The difference from 2016 to 2020 was 43.8%. The market has continually moved forward every year for the past five years. Even with the growing number of obstacles in 2020, the real estate market showed great resilience.
Homes sold at an average of 97.25% of their list price in 2020. Here again, 2020 led the way in market statistics. The 2019 market sold at an average of 96.05%, 2018 sold at 96%, 2017 sold at 95.7% and 2016 sold at 94.7% of their list to sold price. The average sale price in 2020 was $307000. When that number is reduced to amenities, such as bedrooms / bathrooms, the average sale price was $280000 for a three bedroom home. Three-bedroom homes made up 2122 of the overall sales for 2020. The average three-bedroom home sold for $254000 in 2019, $246000 in 2018, $232000 in 2017 and $222000 in 2017. The 2020 average sales price was 10% higher than 2019, and going back to 2016, it was 26% higher. Nearly all statistics show that 2020 was a banner year for real estate in the Shenandoah Valley real estate market.
Well, with all the homeowners who were not able to work, there must have been a lot of disclosed foreclosures, right? Again, not really. The total number of recorded foreclosures in the Shenandoah Valley real estate market was 2% of the total sales. Warren County had the most with 36, followed by Frederick County with 27. Shenandoah County had 23 foreclosures and Clarke County had 5. Winchester City was the lowest with only 2 foreclosures in 2020.
A full 67% of homes sold in 2020 sold in the first 30 days, and of those homes sold, they sold at 99.52% of the list price. That is a good indicator that the market is hot and homes are in high demand. The local markets still struggle with low inventory, but that is always subject to change as sellers see homes flying off the market. When you're ready to list your home in the 2021 market, give Cornerstone a call. We are your local real estate sales pros.
This post was originally posted at www.cornerstonehomesales.com: The 2020 Real Estate Market in the Shenandoah Valley was the Worst, Right?
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