Warren County Market Report – February 2019

Watch this video for a quick summary of Warren County real estate for February 2019. Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

1. Closed sales (28 units) is significantly down by -37%.
2. Average Median Sold $209,950. This number is up from February 2018 but down from last month January 2019 ($224K).
3. Average Days on Market 110. January 2019 we were only at 69 DOM.

Looking forward to the spring market, we anticipate closed sales to improve. It is not clear why closed sales decreased so much. Reports indicate the available homes on the market has not dipped compared to last year. Could the government “shutdown” have created delayed closings?

To help answer this question, let’s ask a few local industry experts.

Tim Fusaro of Commonwealth Home Lending confirmed, “The government shutdown affected several of my USDA loan closings pushing them back into a March close date.” Fusaro continued, “We saw low purchase volume in January and February because USDA loans are utilized by a large percentage of home buyers in Warren County. USDA loans require RD approval prior to closing and those employees were furloughed. Even those purchasing homes with loans that don’t require any direct federal involvement prior to closing seemed to be discouraged and hesitant to move forward with purchasing homes. Rates began dropping in December of 2018 and we didn’t start to see the effect of that until mid February.”

Bill Tribus of Clear Title and Escrow challenged we research back additional years to determine the closed sales trend through 2016. Here is what was found:

• Closed sales 2016: 40
• Closed sales 2017: 42
• Closed sales 2018: 45
• Closed sales 2019: 28

Tribus commented, “Considering the number of government funded loans that are currently popular in our area, and the lengthy government shutdown, these factors could definitely be contributors for this significant drop.”

Loan Officer, Molly Llewellyn of CBM Mortgage confirmed she experienced a USDA loan delay this month. NextHome Realty Select broker, Curtis Siever concluded this brief investigation by adding, “Our local brokerage had two USDA loans scheduled to close in February pushed to March.”

*If you would like a copy of this report emailed to you, please just send your request to Jennifer@nexthomerealtyselect.com.

Resource: 2019 Market Stats by ShowingTime
MRIS: Statistics calculated March 6, 2019

Jennifer Avery, Realtor for NextHome Realty Select
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jennifer@nexthomerealtyselect.com | 540-683-0790
210 E Main Street, Front Royal VA
www.jenaveryrealtor.com