With the advent of cable television came a flood of fun and entertaining specialty programs. You can learn to cook like Bobby Flay, build a house like Mike Holmes, fix a car like Danny Koker, rescue a bar like Jon Taffer or be the next master House Hunter who Flips or Flops of just settles for a Fixer Upper. Who knew simple things Americans deal with everyday would be the substance of new reality shows and stars?
Real estate has been one of the major players in this cacophony of cable icons. It makes real estate exciting while downplaying behind-the-scenes theatrics that take place in real estate deals. Ironically, if you were looking for excitement in the 2021 Shenandoah Valley, VA real estate market, you are going to be disappointed.
The 2021 Shenandoah Valley, VA real estate market had highs and lows as all market do, but overall, it was just plan boring. The five localities, Winchester City, Frederick County, Clarke County, Warren County and Shenandoah County VA saw a -1(minus 1) overall sales growth over 2020. Frederick and Shenandoah Counties saw less sales than the previous year. Winchester City, Clarke and Warren Counties saw marginal growth.
Winchester City was just +.5% in overall sales from the previous year. Warren County saw 3% growth in overall sales and Clarke County saw 4.8% growth over 2020. It is not the material that hit TV cable shows are made from, but it shows a slow steady pace of stable grow with few surprises. It may also signal that the days of multiple offers, crazy overpriced offers and non-contingency offers are in jeopardy, and who would not applaud that? One number that was phenomenal in 2021 was distressed sales. Foreclosures and short sales were .75 of total sales. That may make the crafty lowball investor sour, but it is another good sign that market sales are healthy in the valley.
Shenandoah Valley, VA Median Price for 2021
So, what is the “made for TV” good news in the boring overall sales? Median sales prices did increase over the five locations by 16%. I can promise you that if you were a home seller in 2021, that excited you when you sold. Clarke County had the lowest change in median sales price at $430000, or a 7.5% increase over 2020. Winchester City saw a 9.8% increase in median sales price to $280000. Shenandoah County, VA jumped 13% to $253000, Frederick County moved up 17.5% at $348000 and Warren County hit 19.17% over the previous year to a median sale price of $317000.
Shenandoah Valley, VA Days on the Market for 2021
Days on the market is a challenging statistic. It can tell you a lot and it can tell you nothing. For instance, if a perfect home sits on the market for 180 days in a market where 20 days is a long tenure, it might be something as simple as the junk cars in the neighbor’s yard that is keeping the house from selling. At the same time, when a market like the valley is struggling with low inventory, rapid sales become the norm.
Of the 4276 sales in the valley, most (3548) were sold in 0-30 days. Eighty-three percent (83%) of all sales took place in the first 30 days. That can reveal a number of things to an observer. Inventory is still low, and buyers are grabbing up houses as quickly as they hit the market, often, sight unseen. Also, the houses may simply be priced well, and the sellers are ready to move on. On statistic attached to those 0-30 days on the market sales is the price buyers paid. The average sold price compared to the original list price was 100.82% over the valley-wide market. In other words, homes sold for more than their list price. The current market is still a red-hot sellers’ market. Of the five localities, Clarke County is the only location that sold below the original list price. The average 0-30 closed sales prices were 99.72% of the original list price.
One last statistic that took place in 2021 that is worthy of notice, is the financing side of real estate. A full 15% (642) of all valley sales were paid in cash. Cash sales can also shorten closing times which broadens the 0-30 days on the market number. Conventional financing was the major financing method with 2346 properties going that way. Government loans and special financing options made up the rest.
The Shenandoah Valley, VA real estate market was not sexy in 2021, but it also was not a nail-biting roller-coaster ride of sheer terror with an abrupt end. I will take boring any day. When you are ready to buy in the boring Shenandoah Valley real estate market, give Cornerstone a call and we will see if we can spice the process up just a little.