Massanutten Real Estate Report: January 2020

Old Year: Sales and Prices Up – New Year: Inventory Down

By Dave Cureton, Massanutten Realty

Dave Cureton has been a Massanutten resident since 2004 and a Virginia real estate licensee and Realtor® since 2001. Opinions expressed here are those of the author and not of the Massanutten Property Owners Association.

More homes sold in Massanutten in the year just ended than in 2018, and sale prices rose nicely. And a couple of weeks into the new year buyers were still at it – even though pickings were mighty slim!

A total of 80 Massanutten homes sold in 2019, four more than during the preceding year. And the median sale price jumped a hefty 12.9 per cent, based on data from our local multiple listing service (MLS).

Inventory – the number of homes listed for sale and actively on the market – had been low for quite a while, but mid-January saw that number drop as low as five! Just five homes for buyers to choose from in all of Massanutten! Even with such a small selection, the range of list prices reflected Massanutten’s wide variety of ages and sizes of homes, from a low of $229,800 to a high of $459,900.

New construction remains as much an option as ever, but if it’s something you’re considering for the future, now is the time to shop a lot. A total of eleven building lots sold in 2019, and 2020 began with five homes under construction. There were still 17 building lots listed for sale as of mid-January. As with homes, the range in list prices for lots is wide, from $9,900 to $69,900.

As you drive through Massanutten’s residential neighborhoods, don’t assume the wooded spaces between homes are building lots. Our neighborhoods were laid out in the 1970’s with plenty of what’s often referred to as “green space,” — land owned by the Massanutten Property Owners Association (MPOA) — between and behind the lots where homes now stand. In addition, remember that some owners built their homes on two lots, or later purchased an adjoining lot as a buffer against future construction. I’ve never heard a Massanutten homeowner say he or she was sorry for doing that.

Thanks for reading!

Copyright © 2020 Dave Cureton