Shenandoah Valley Real Estate & Covid-19
What impact did Covid-19 have on the Shenandoah Valley, VA real estate market in May 2020? Almost none. Does that surprise you? It did me. I expected to see a radical shift in the amount of homes sold and the prices of those closings. It didn't happen. Numbers fluctuated just like they always do, but nothing was drastically different when comparing May 2020 and May 2019. Surprisingly, nothing was radically different from May 2020 and May 2018.
Shenandoah Valley Real Estate & Covid-19: Number of homes sold
Winchester, VA Real Estate Sales - May 2020
Don't get me wrong, there were changes, but compared to what was expected, the changes were marginal. In the city of Winchester, there were 30 homes sold in May 2020. There were 37 sold in May 2019. That is a 19% drop year to year. If you look back as far as 2018, the increase in homes sold was up 15% in 2020, and 2019 was a 42% jump over 2018. Average home sales prices increased from $215000 to $282000. That's a 31% increase over 2019.
Frederick County, VA Home Sales - May 2020
Frederick County, VA went the opposite direction. Frederick County home sales were up 4% in May 2020. There were 170 homes sold as compared to 164 in May 2019. The average sales price in Frederick County, VA rose 13% year to year in May 2020.
Clarke County, VA Home Sales - May 2020
Clarke County, VA saw an 8% drop in home sales in May 2020. Clarke County is a bit of an anomaly when it comes to home sales up or down. It can be impacted by national or state changes, but it is just as likely to remain separate from those influences. The May 2018 home sales for Clarke County were the same as the May 2020 sales, and May 2018 compared to May 2019 was up 8%. Clarke County, VA also saw a jump in average sale prices of 8% in May 2020 compared to May 2019.
Warren County, VA Home Sales - May 2020
Warren County, VA home sales were down 4% in May 2020. Unlike Winchester City, Frederick County and Clarke County, Warren County saw a decrease in average sales price. The average sale price of a Warren County, VA dropped from $230000 to $210000, or a decline of 9%.
Shenandoah County, VA Home Sales - May 2020
Of the declining localities, Shenandoah County, VA saw the smallest drop in home sales with a drop of 1%, but it had the highest drop in average sales price with a 9.5% drop. The average sales price dropped from $230000 to $210000 in May 2020 as compared to May 2019. In an effort to keep perspective, the 2019 average sales price increased 20% over May 2018. May 2019 also had a home sale drop of 1% over May 2018.
In all of these markets, price fluctuations and number of homes sold is a typical part of the real estate market in the Shenandoah Valley. The City of Winchester saw the largest drop in the volume of homes sold, but it also saw the largest increase in average sales price. Frederick County, VA is the only location that saw an uptick in homes sold, as well as the average sales price. Warren and Shenandoah Counties saw drops in both categories, while Clarke County, VA saw both a drop in home sales and an increase average home sale price.
Most local real estate agents are seeing a renewed enthusiasm from buyers and sellers and the market seems to be moving back to normal. The lockdown may have thwarted a lot of new listings that would have been initiated in the early Spring months. That is likely to lead to a Spring-like market this Summer. Summer tends to slow the real estate market a little while families travel, but with travel and availability of vacationing in many traditional areas, the local real estate market may very well see an uptick in home listings and sales.
When you are ready to list your home, or you are ready to buy a new home, give Cornerstone Business Group, Inc., a call,. We are your local real estate sales pros in the Shenandoah Valley of Virginia.
This blog was originally posted at CornerstoneHomeSales.com: Shenandoah Valley Real Estate & Covid-19. #mikecoopersellshomes, #cornerstonehomesales, #SellingShenandoahValleyVA.