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Signs on The Terrace show several homes for sale. (By Kevin G. Gilbert/Staff Photographer / August 4, 2012) |
Home prices have been increasing in Washington County most of this year, the first such sustained burst since before the recession, as the supply of properties for sale shrinks.
The median prices of homes sold here from January through June rose to an average of $143,150, data from Metropolitan Regional Information Systems Inc. shows. That price was 8 percent, or more than $10,000, higher than median prices locally in the same period last year, MRIS data shows.
In June alone, the median price jumped to $166,950, an increase of 19 percent, or nearly $27,000, compared to the median price in June 2011.
The rising prices, lifted in some cases by bidding wars and the fact that sales are coming faster, is sweet news for sellers.
The downside is that the overall number of deals has been dropping. In June, contracts were settled on 118 properties, compared to 134 sold in June 2011, according to MRIS.
Nonetheless, area Realtors are encouraged.
“I’ve been telling clients, ‘In reality, this is the best time to sell your house in four years,’” said Steve Powell, co-owner of Re/Max Achievers, a Realty company in Hagerstown and Frederick, Md.
“I don’t want people to think I’m crazy saying it’s the best time to sell, but for recent years, it is,” Powell said. “There’s the chance of selling it closer to your listing price and you can sell it faster.”
“Definitely, good news. Things are on the way up,” said Dan Plombon, a longtime Realtor and office manager of Mackintosh Realtors Inc. in Hagerstown.
Analyzing changes in median prices is difficult, “but the prices have definitely stabilized, at the very least,” Plombon said. “And you’re starting to see some segments where they’re starting to inch up a little bit. And days on the market are starting to shorten.”
What’s started happening here in recent months also has started breaking the recessionary crust on property sales nationwide, according to the National Association of Realtors.
The median price on sales across the nation of existing homes — including single-family homes, town homes, condominiums and co-ops — was $189,400 in June, NAR said. That’s up 7.9 percent from a year ago, it said.
In general, the median price measures the midpoint in the range of selling prices, so a few high-ticket deals don’t skew the result.
“Despite the frictions related to obtaining mortgages, buyer interest remains solid,” NAR chief economist Lawrence Yun said July 19 in a news release. “But inventory continues to shrink, and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets.”
“The price improvement also results from fewer distressed homes in the sales mix,” Yun said. That refers to the below-market prices of properties on which the lender had foreclosed or allowed to be sold for less than the homeowner owed.
Ups and downs
As good as the news looks on prices, they still are far short of the county’s peak median price in the heady pre-recessionary days, when wanna-be buyers bid up prices, even paying more for them than the sellers originally asked.
The median price had risen as high as $231,750 by 2006, according to MRIS data.
Sales had slowed, but still were fairly fast by today’s standards.
The median prices of homes sold here from January through June rose to an average of $143,150, data from Metropolitan Regional Information Systems Inc. shows. That price was 8 percent, or more than $10,000, higher than median prices locally in the same period last year, MRIS data shows.
In June alone, the median price jumped to $166,950, an increase of 19 percent, or nearly $27,000, compared to the median price in June 2011.
The rising prices, lifted in some cases by bidding wars and the fact that sales are coming faster, is sweet news for sellers.
The downside is that the overall number of deals has been dropping. In June, contracts were settled on 118 properties, compared to 134 sold in June 2011, according to MRIS.
Nonetheless, area Realtors are encouraged.
“I’ve been telling clients, ‘In reality, this is the best time to sell your house in four years,’” said Steve Powell, co-owner of Re/Max Achievers, a Realty company in Hagerstown and Frederick, Md.
“I don’t want people to think I’m crazy saying it’s the best time to sell, but for recent years, it is,” Powell said. “There’s the chance of selling it closer to your listing price and you can sell it faster.”
“Definitely, good news. Things are on the way up,” said Dan Plombon, a longtime Realtor and office manager of Mackintosh Realtors Inc. in Hagerstown.
Analyzing changes in median prices is difficult, “but the prices have definitely stabilized, at the very least,” Plombon said. “And you’re starting to see some segments where they’re starting to inch up a little bit. And days on the market are starting to shorten.”
What’s started happening here in recent months also has started breaking the recessionary crust on property sales nationwide, according to the National Association of Realtors.
The median price on sales across the nation of existing homes — including single-family homes, town homes, condominiums and co-ops — was $189,400 in June, NAR said. That’s up 7.9 percent from a year ago, it said.
In general, the median price measures the midpoint in the range of selling prices, so a few high-ticket deals don’t skew the result.
“Despite the frictions related to obtaining mortgages, buyer interest remains solid,” NAR chief economist Lawrence Yun said July 19 in a news release. “But inventory continues to shrink, and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets.”
“The price improvement also results from fewer distressed homes in the sales mix,” Yun said. That refers to the below-market prices of properties on which the lender had foreclosed or allowed to be sold for less than the homeowner owed.
Ups and downs
As good as the news looks on prices, they still are far short of the county’s peak median price in the heady pre-recessionary days, when wanna-be buyers bid up prices, even paying more for them than the sellers originally asked.
The median price had risen as high as $231,750 by 2006, according to MRIS data.
Sales had slowed, but still were fairly fast by today’s standards.
