To say that the second quarter of 2014 has been unusual would be an understatement. Pockets of the market excelled, while others did not. Inventory was up, median sales were down, and yet there were more contracts written in the second quarter of 2014 than there were in the second quarter of 2013.
While the New River Valley saw the strongest first quarter performance in the past five years in Q1, Q2 sales are the lowest they’ve been since 2011. Some properties have been flying off the shelves, while others – despite good prices – have been sitting idle for some time, and there’s admittedly some anxiety among sellers (and agents) as to specifically why. My line of thinking is that an extremely compressed summer for the public schools in Montgomery County is partly to blame, as families rushed to get vacation and camp plans together and not much thought was given to housing unless folks HAD to move. Nevertheless, it’s going to be interesting to see what shakes out in Q3 and Q4 of this year … the signs still tell us that there’s a potential for bounce back through the rest of the year, but we’ll just have to wait and see.
As always, I’m glad to share a cup of coffee – matter of fact, you can have your own – and talk real estate!