Merrifield Homes

merrifieldhomes.com Custom home builders focused on the Wi******er and Frederick County, VA area. Lots available.

Wi******er / Frederick Housing Recap 2023:
Trying to decipher the housing market is always tough, but 2020-2024 has been special, to say the least. Key take-aways (Wi******er and Frederick County combined):

1) Overall Sales Volume (total $$) DROPPED 18% YOY. It also dropped 2022-2023 by 4%
2) Average Sold Price INCREASED by 3% in 2023 after increasing 11% in 2022-23.
3) The Average Active listings increased by 13% to 241 units, BUT...
4) The Average New Listings DROPPED by 23% to 157 a month.

Basically, this market the amount of units sold is tracking with the amount of houses listed. Historically, we should have some 400+ homes available for sale, but there are only 241 at the moment.

New construction listings (houses listed but not built) account for about half of all listings. There are currently less than 100 actual houses for sale for a population of about 120,000 people. This is an incredibly low, historically, inventory of homes for sale.

Annually, we are selling about 1,400-1,500 houses per year in those two markets. That number does not fluctuate much. What does change are the amount of people looking for homes and the amount of inventory for them to buy.

Strong demand + scant inventory = high prices. Inventory has already dropped significantly since December 2023, as January sales volume was 41% higher than 2023, and prices jumped another 4% from December 2023.

Until the inventory rises significantly, expect prices to be stable to increasing. If interest rates drop, you are likely to see a wave of buying and selling that will likely decrease inventory further.

Good luck out there.

merrifieldhomes.com Custom home builders focused on the Wi******er and Frederick County, VA area. Lots available.

Merrifield Homes - Woodley Model

Well, we're hitting uncharted territory in Frederick County. The number of "available" homes just dipped below 200 houses. If you remove "New Construction," the number drops to 93 houses. That's 93 houses for a County with 90,000 residents. At this stage, there is roughly a 2-week supply of houses.

With that limited of a supply, it's a better time to build than try to buy.

www.merrifieldhomes.com

If you thought that new home pricing was expensive, maybe there's a reason why.

Average New Home Price Now $16,000 Higher Due to Lumber The recent spike in softwood lumber prices has caused the price of an average new single-family home to increase by $16,148 since April 17, according to NAHB standard estimates of lumber used to bu…

This Woodley 2-Car model will be starting in Raven Pointe September 2020. 2,800 sq. ft. 4BR, 2.5 Ba. with beverage center. Ready for occupancy winter 2020/21. Call 540-662-5794 or visit www.ravenpointeva.com for more information.

2020 Sales Report - A RECORD July For Frederick County

- Total Sales: $71,035,237. This is an ALL-TIME MONTHLY HIGH. Next closest is $64m in July 2005. It's also a 42% increase from 2019.
- AVERAGE SOLD PRICE: $322,632. Prices were slightly higher in 2005, 15 years ago, but this is the second highest July in history.
- Units Sold: 220. This is the LOWEST recorded monthly inventory number since start of tracking in 2000.
- New Listings 171. Active Listings 221. There is less than a one-month supply of housing, and the inventory is actually GOING LOWER.
- As of 8/18/20, there were only 218 active listings. Removing "New Construction" listings, there are only 114 homes for sale in Frederick County.

Time to build. www.merrifieldhomes.com
www.ravenpointeva.com

Merrifield Homes

2020 Housing Numbers - Extremely Tight Inventory Numbers Rule the Market:

As of July 23, there are only 234 homes available in Frederick County.

Of the 234, 126 are "New Construction" and 108 are existing homes. That's right, there are only 108 TOTAL existing available houses in Frederick County. That number has been steadily dropping for months.

Why bother with the bidding war when you can build new? Call for more information or visit www.merrifieldhomes.com

Merrifield Homes

2,100 or 2,400 sq. ft. above grade. 3BR, 2BA. Finished basement possible, too. Multiple variations available.

May Sales Update (Frederick County):

- Sold: $56,139,299 (highest number in 10+ years)
- AVG Sold Price: $332,455 (highest in history)
- Active Listings: 328 (Lowest May since 2004)
- Units Closed: 167 (Highest since 2004)

This is not 2006, folks. Inventory is showing no signs of improving. There's an extreme lack of housing and Covid has not dented sales (the exact opposite is true). Time to build:

www.merrifieldhomes.com

Merrifield Homes

Just a reminder, Merrifield Homes pays 3% to Buyer's Agents AND pays half of that at contract signing. Don't want to lose 1/3 of your commission? Call us first.

2,800 sq. ft., 4BR, 2.5 bath with main level master bedroom and optional wine bar. Shown in the photos is the 3-car side load variant. Call 540-327-3626 for more information.