From Woodstock, VA
24 August, 2009

My colleagues have said for years that our local market seems to follow trends in the "city".  That being the case, perhaps the good news from the DC market regarding home sales will soon be having an effect on the Valley. The signs of change are pretty evident.

The number of properties sold over last year has significantly increased in the Northern Shenandoah Valley's eastern neighbor counties.  The declining prices seems to have slowed in the northern Shenandoah Valley and in Shenandoah County. The inventory of listings is around 15% below the levels of the last two years.

The Metropolitan Regional Information System has released a detailed study for the Second Quarter of 2009, "Trends in Housing Report", which, "...provides a regular in depth look at the issues that shape the Mid-Atlantic housing market."  It's rather large (about 2 MB) but I would be happy to forward a copy to you at your request.  Here's a summary.

"The Washington area housing market has moved into the correction phase – the first step in recovery:

• Prices are showing renewed signs of strength: 2nd quarter prices in most jurisdictions were up from the 1st quarter, though still lower than one year ago. Prices may experience slight declines through the end of the year, but increased demand and a lower supply of listings are helping facilitate price traction.

• Days on market are down sharply compared to both last quarter and a year ago. Properties continue to sell quickest in the Core jurisdictions, but across the region, time on market is moving toward the region’s longterm average."

I have been keeping track of local sales in order to give my clients more detailed information about the local market.  I would be happy to discuss the local market and how it relates to this report.

In light of the news and what I'm seeing, I feel that the time to buy real estate in the Shenandoah Valley is now. If you’re still looking for real estate, or are ready to start looking again, please contact me at Steve@ShenandoahValleyEscapes.com . 

I'll be happy to do whatever I can to help.

Steve Sober, Broker

Shenandoah Valley Escapes
Real Estate
505 N. Main St., #104
Woodstock, VA 22664
(540) 975-5678

Steve@SVEscapes.com