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August 12, 2019

Fauquier home sales rise     9 percent in second quarter

File Photo/Lawrence Emerson
At the second quarter’s end, Fauquier had 473 homes on the market, up 18 percent from a year earlier.
This is the second consecutive quarter of sales growth for the county after declining most of last year.
— Virginia Realtors Chief Economist Lisa Sturtevan
Fauquier County home sales rose 9 percent in the second quarter of 2019, compared to the same period last year.

The Greater Piedmont Realtors reported 380 units sold in Fauquier during April, May and June.

The average sales price also rose to $459,018, up 10 percent from a year earlier. The average home sold at 98.5 percent of its list price.

“This is the second consecutive quarter of sales growth for the county after declining most of last year,” Virginia Realtors Chief Economist Lisa Sturtevant said in the report prepared for the local association.

“The region’s economy is strong and provides a solid foundation for the housing market overall,” Dr. Sturtevant added. “The job base continues to expand, and unemployment remains below the state and national levels. These trends keep buyers confident and can lead to increased housing demand over time. In addition, the Federal Reserve announced that it will be lowering interest rates this summer, which will keep interest rates at historically low levels for the coming months.”

But, the average days on the market for homes that sold rose to 57, up 25 days from the same period last year.

Fauquier had 473 homes on the market at the quarter’s end — an increase of 18 percent from the same period a year earlier.

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DonkeyFarmer · August 13, 2019 at 5:46 pm
Yes, it was a contraction, should have been can't.

The farms in the midwest are failing because of bad weather, flooding, etc., combined with the trade war with China. Orders from China have dried up and prices have fallen. I don't see this as an indication of the economy as a whole though.

I do know people are in debt and these high housing prices are not helping. IIRC the D.C. metro area has the highest student loan debt in the country. Think about the % of someones income that is 200k in debt to student loan and 500k mortgage. All we need is a small downturn in the economy and it will all come crashing down. I try to practice the simplest economic principal I learned as a young guy, "Live below your means."
Linda Ward · August 13, 2019 at 10:09 am
Morning Donkey Farmer- you were up late, couldn't sleep? Have to tease you's can't not know that stickler thing we both have about proper use of apostrophe for contractions, etc. LOL.

I read today that farms are dropping like flies after being sprayed with Raid in the Midwest, another sign that things are turning south for our economy.
DonkeyFarmer · August 13, 2019 at 12:57 am
I agree with Linda. I lived through this in '89 and in '07. It happens in cycles. Someone always is stuck buying at the top and is left holding the bag. Don't let it be you. If someone with a college degree and steady job cant afford an entry level home... prices are too high.
Linda Ward · August 12, 2019 at 5:55 pm
I realize that I am being pessimistic yet this reminds me of 2008 when the housing market crashed. Add on top of that the huge student loan debt, the trade issues, and cost of healthcare, it is worrisome.
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