TODAY'S NEWS

Home sales in Page at highest level in nine years

Page News and Courier

LURAY ― The number of homes sold in Page County in 2015 increased by about 4.7 percent last year to 157 ― the highest level in nearly a decade, according to annual numbers reported by Metropolitan Regional Information Systems.

Compared to 2010 ― following the bursting of the housing bubble in mid-2007 ― Page County has seen a 58.6-percent hike in sales, from 99 houses. In 2014, 150 houses were sold in Page.

Home sales in Page County over the past decade were at their highest in 2005, when 287 homes sold.

The average sales price also reflects a slight increase ― from $159,465 in 2014 to $163,063 last year. The number of homes selling for $250,000 or more increased by one, from 22 to 23. That number also increased by one the previous year, from 21 in 2013. Thirteen Page County homes sold for $250,000 or more in 2012.

The average number of days that Page County homes were on the market held steady at 198, the same as in 2014. The past two years reflect a slight decrease since 2013, when local homes took an average of 206 days to sell.

Last year Page County also saw the lowest percentage of trustee, bank-owned and foreclosure sales its had in the past six years ― 13 percent, compared to 21 percent in 2014, 26 percent in 2013, 34 percent in 2012, 41 percent in 2011 and 30 percent in 2010.

In January, the National Association of Realtors forecasted that existing-home sales would expand in the U.S. in 2016 at a “more moderate pace.” Existing sales are expected to grow between 1 and 2 percent (5.3 to 5.4 million), while prices are projected to rise between 5 and 6 percent.

That forecast, said local 30-year realtor Bill Dudley of Bill Dudley and Associates Real Estate, will likely hold true in Page County.

“Real estate is a slow-moving process,” said Dudley. “Slow and steady is probably the best way to grow.”



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