Lake of the Woods, VA
Current Market Conditions
Much like the month before with only 8 closed sales, February only saw 9 total sales in the Lake. While this may seem a small amount it's still over 28% better then this time last year. Average days on the market for the Lake of the Woods came in at 125 days.
With new pendings up 64% and new listings down 5% the market is basically in an equilibrium state between buyer's and seller's market. One of the best indications of this is the "average sold to original list price ratio." Anything less then 100% indicates a buyer's market and, likewise, a seller's market is thought to exist if ratios are above 100%. For the month of February it was exactly 100%!
With interest rates well below 5% nationally, low inventory, and the spring market quickly approaching, the stage is set for this to be an exciting season for both buyers and sellers alike.
If you'd like to find out how your home fits in with the new market please contact REALTOR Sean Jones at 540-360-5166 anytime.