STAUNTON — Sales are still up, inventory is still low and it’s causing the real estate market to skyrocket.
According to Rick Kane, president and broker for Westhills Realtors, sales over last year have increased with average sales up 18% over from last year.
“The market since January has gained strength especially in the upper price ranges,” he said. “Demand is still strong but some indicators show a very slight slow-down which may just be a seasonal slow-down. Still very low inventory — just 17% of what a normal market inventory would be. Very much a seller’s market.”
August dipped a little in terms of numbers — sales over July was down 8.9% and median sales price was also down 4.6% from July.
“Neither of these data points mean much since the overall year-over-year numbers are such good news,” Kane said. “I’m predicting we appreciated about 13% overall in the last year.”
According to Kane, the area is still seeing low inventory numbers…