West Virginia Housing Market Dips Slightly, But Should Surge in 2007
Regional housing trends in the greater Washington, D.C., area continued to iron themselves out before the close of 2006 to put up numbers that, while down slightly, still beat out many other housing markets nationwide.
According to the Martinsburg (W.V.) Journal-News, statistics offered up by the Metropolitan Regional Information Systems Inc. showed a positive change between the calendar years 2005 and 2006.
“Although selling prices edged down a tic in D.C., suburban Maryland showed an increase of 5.6 percent and suburban Virginia prices rose 1.4 percent, keeping the regionwide percentage positive,” said Dr. John McClain, senior fellow at the Center for Regional Analysis at George Mason University.
The Eastern Panhandle of the West Virginia housing market did not fully bounce back from the decline in real estate values.
On average, those counties the farthest west from the district sold fewer housing units in 2006 than they had in 2005 and those that did sell spent considerably more days on the market during 2006.
According to the data for homes in the $30,000-500,000 range, median sales prices on homes in the tri-county area rose slightly as well this past year.
In Berkeley County, lower West Virginia mortgage demand meant more than 500 fewer homes were sold in 2006 than in 2005.
Those properties also spent an average of 28 more days on market, wooing potential buyers despite median increases of more than $10,000 per home.
In Jefferson County, prices per home edged up much more slightly, as the cost of mortgage loans remained affordable for residents. Still, approximately 200 fewer units were sold in 2006, after having spent an average of 25 days longer on the market.
Morgan County largely fared the same as Jefferson County, with 140 fewer units selling and an average home price nearly $23,000 more than those seen in 2005. Homes there were also spending an average of 20 more days on the market during 2006, as well.
MRIS reports for the beginning of 2007 show an abundance of houses on the market in Berkeley County, with just 82 of 1,304 active listings selling in the month of January. In neighboring Jefferson County, 35 of 544 active listings sold, while 13 of 245 homes were sold in Morgan County.
Prices of houses in all three W.V. counties declined slightly in January when compared to 2006 average values. The number of days houses were staying on the market continued to climb, however, making for frustrating and slow conditions for property owners seeking to unload real estate.
McClain predicted that once the winter weather calms down, home prices will continue to rise throughout the region, even showing single-digit gains in appreciation for 2007.
SOURCE: Martinsburg Journal-News