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A numbers game
Statistics on the exact nature of a “more relaxed” market are available from real estate resources like the Greater Piedmont Area Association of Realtors (GPAAR) and Metropolitan Regional Information Systems. These organizations track trends in local real estate markets. According to MRIS, in June 2005, the total dollar volume of sold real estate in Rappahannock was $1,399,800. This year, the same month yielded $525,500, a decrease of 62.49 percent.. In addition, the average sold price of those homes has decreased by almost 25 percent.
“The number of people calling the office is definitely less,” said Chandler.
In researching this story, The Rappahannock News found many local real estate agents and brokers to be on vacation for the month of July, which is traditionally a slow month in the real estate business.
“They weren’t on vacation this time last year,” explained Snead, “they were answering their phones.”
According to Snead and other real estate professionals, the original market surge was created by bidding wars between buyers trying to get in on a rapidly rising market as low as possible. “People in the last year were looking at escalating prices and low invento
95.6%