This weekend’s Super Bowl is sure to be a great game enjoyed by many. But did you know the weekend after the Super Bowl marks the unofficial beginning of the spring housing season? Even though it may be cold outside here in Beckley WV, Southern WV, and other places around the country, the housing market is heating up. Typically December and January have been slow months in the Beckley Real Estate market especially the last few years. But if this past December and January are indicative of the coming months and 2014 as a whole, then it may be one of the best on record since 2006 from my perspective at least.
A report released this week by S&P/Case-Shiller shows that the three-month running average for home prices nationally was up 13.7 percent versus November 2012 in the nation’s 20 largest housing markets. According to the National Association of Realtors, for all of 2013, there were 5.09 million sales, which is 9.1 percent higher than 2012. It was the strongest performance since 2006 when sales reached an unsustainably high 6.48 million at the close of the housing boom. The national median existing-home price for all of 2013 was $197,100, which is 11.5 percent above the 2012 median of $176,800, and was the strongest gain since 2005 when it rose 12.4 percent. Locally here in the Beckley WV Real Estate Market and surrounding areas, the results are less dramatic.
For the last 3 months the median price of a home sold in our area increased 4.7% and the average price for homes sold increased 3.4% when compared to the same period one year ago. This is not unexpected as our market never really saw the great increase in prices or the big decline in prices that the nation as a whole experienced the last 5 years, so it stands to reason our gains would not be as great either.
For the same period in the Beckley WV Real Estate Market the Average Days on the Market for homes sold decreased from 168 days to 145 days, a drop of 13.7% which means homes are starting to sell quicker on average and for more money. Both are very good indicators of a better market for selling homes in 2014.
One of the hottest segments of the market that saw the most dramatic changes in this time period is homes sold for between $180,000 and $199,999. This segment saw a drop of 186 Average Days on the Market (DOM) from 257 DOM to 71 DOM, a decrease of 72%. The number of homes sold in this range for the period increased 50% while the number of homes for sale in this price range increased 72%.
The next hottest segment by comparison was homes sold between $250,000 and $299,999 which saw a drop of Average DOM from 151 to 116, a drop of 35 Average DOM, which is a 23% decrease in Average DOM. The number of homes sold in this price range decreased 45% compared to the same period a year ago while the number of homes for sale in this price range increased only 5%.
The bottom line is that there is a buyer for every home out there. It is my job as a Realtor to help you set the appropriate price, market it as much as possible and in as many ways as possible, and to get sold as fast as possible by finding that buyer. If you are ready to get your home listed and sold fast, call or contact me today!
About the author: Betty J. Moore is a regionally recognized leader in Beckley WV Real Estate and Southern WV Real Estate market. Betty can be reached via the contact page on this web site or via phone at 304-573-4970304-573-4970. Betty has helped people sell their homes 55% faster1 on average compared to other homes listed elsewhere in the market through her extensive marketing and unique marketing plan for each home listed with her. She has also helped hundreds of people throughout her career find their dream home in the Beckley and Southern West Virginia real estate market. Betty was voted the number one realtor in 2012 by the readers of the Register Herald in their “Reader’s Choice Poll” and is consistently one of the top performing Realtors in the Beckley Real Estate Market year after year. “I have a passion for Real Estate and love to use my Beckley WV Real Estate marketing expertise to gain maximum exposure for your home and get it sold fast!
I service Real Estate sales in the following markets: Beckley Real Estate for Sale, Homes for Sale Beckley, Homes For Sale Beckley WV, Crab Orchard, Glade Springs Real Estate, Glade Springs Homes for Sale, Flat Top Lake Homes For Sale, Flat Top Lake Real Estate, Princeton WV Real Estate, Homes For Sale Princeton WV, and homes for sale in areas throughout southern WV.
1 Based on data from the Beckley Board of Realtors for January 30th 2013 to January 30th 2014 for homes listed and sold by Betty J. Moore versus all homes listed and sold for the same period for all areas. Average days on the market (DOM) for this period for all real estate sold was 180.3 days versus an average 80 days for the real estate listed by me and sold for the same period. Your results may vary based on many factors and are not guaranteed to be the same.