Local home sales up 28% despite pandemic economy

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Home Sales

~ PVN staff report

Despite a struggling U.S. economy in the midst of a worldwide pandemic that has been compared to the Great Depression, local home sales are showing signs of potentially surpassing a “banner year” in 2019.

Through the first six months of 2020, homes sales in Page County have increased 28 percent over the previous year, according to data from Bright MLS, the Multiple Listing Service for Page County. While 69 homes were sold in the county in the first six months of 2019, there have been 88 homes sales in Page through June 30, 2020. For the same six-month period in 2018, only 56 homes were sold.

The average sale price has risen 10 percent in the first half of 2020, from $204,338 a year ago, to $224,992 this year. 

The median sale price has increased 6 percent, from $184,000 for the first half of 2019, to $195,500 this year.

A substantial increase of 53 percent was seen over last year in homes sold for more than $250,000 — with 26 sold in the first six months of 2020, compared to 17 last year during the same time frame. Only nine homes over $250,000 were sold in the first six months of 2018.

The average number of days on the market for local real estate has risen slightly, from 112 in 2019 to 137 this year. That figure stood at 181 days in 2018.

The median days on market figure remained about the same this year at 54, compared to 52 in 2019.

At the end of 2019, local realtor Bill Dudley of Bill Dudley & Associates in Luray described it as a “banner year” for real estate in Page County during an interview with the Page News and Courier. Last year, the county saw more homes sell for a higher average price over fewer days on the market than at any point in the past decade. Last year also produced the highest number of homes selling for more than $250,000 than at any time in the last 16 years.

Currently, Page County is on pace through the first half of 2020 to match or surpass the number of homes sold, the average and median selling price, and the number of homes over $250,000 from last year’s “banner year.”

Last year, the county saw a 17-percent increase in the number of homes sold and an 18-percent increase in the average sale price over 12-month data reported in 2018.

In 2019, a total of 191 homes were sold in Page County for an average sale price of $203,941. A total of 44 homes were sold for more than $250,000.

Over the past decade, the second-highest year for home sales came in 2016, with 177 homes sold. The low point came in 2010 on the heels of a recession, with only 99 homes sold.

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~ Current data for this article was complied by William C. Dudley III, Broker/Owner of Bill Dudley & Associates Real Estate Inc. in Luray, Va.

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Data through first six months of each year (Jan.1 – June 30):

Homes sold

56 — 2018

69 — 2019

88 — 2020

Average Sale Price

$173,498 — 2018

$204,338 — 2019

$224,992 — 2020

Median Sale Price

$140,500 — 2018

$184,000 — 2019

$195,500 — 2020

Average days on market

181 — 2018

112 — 2019

137 — 2020

Median  days on market

94 — 2018

54 — 2019

52 — 2020

Sales $250,000+

9 — 2018

17 — 2019

26 — 2020

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