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Rappahannock Market Update

It's been awhile since we've taken a look at the stats for individual markets. So we'll start with the smallest market today, Rappahannock, and then do Culpeper, Fauquier and Prince William over the next week.

The October, 2011 report for Rappahannock County shows mostly discouraging news. The total number of Active Listings is, in my mind, the most discouraging number with a total of 108 properties currently looking for buyers. Of the 6 properties sold last month, one third of them were on the market for over a year. The dollar volume of sales is down 58% year over year. The average sold price is down 44% year over year. Average days on market for the county is now 221, up 118% from where we were in October of 2010. The average list price and average sold price are both down over 40%. There's not much in the way of bright spots there.

The sole bit of good news I can offer is that, as usual in Rappahannock, the volumes are so tiny that it's almost impossible to draw many conclusions from a single month's data. Even year over year, volumes are just too small to compare two months and come to any relevant conclusions.

What I can tell you is that if you look at longer term trends, meaning several years worth of data, you see that average monthly sales are up from the depths of the recession. Now that only means that 6-8 houses sell in a given month rather than 3-4. But for those 3 or 4 homeowners, it makes a difference. Days on market remains high, but not as high as it's been. And, where once we were looking at around 3 years of inventory, at the current pace of sales it's more like 18 months.

There is no way to look at the data and suggest prices are better or firmer, although I suspect they're relatively stable.

If you're selling your home in Rappahannock County, make sure it's in excellent condition. If it's not, be prepared to discount it steeply and still wait a long time for the right buyer.

 

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