GPR 1qtr2018

FORIMMEDIATERELEASE
Contact: Debbie Werling

540-347-4866
debbie@gprealtors.net
Greater Piedmont Area Real Estate – Q1 2018 Market Trends First Quarter Market Conditions
Remain Brisk – One in Five Homes Sell Within Ten Days or Less, as Median Sales Price Exceeds
$300,000
The Greater Piedmont Realtors® market area showed a 19.19% surge in sold dollar volume to
$182,422,199 for the first quarter from the same period a year ago. The robust gain was the
result of a combination of a 3.09% rise to 501 units sold and a 15.62% jump to a $301,000
average sold price over thesame period.
The surge in both average and median sold price continues to be driven by the lack of inventory
facing the region. In March, 2018 the region had 850 active listings compared to the 5-year
average of 1,023 units.
The following key takeaways provide a comprehensive overview of the Greater Piedmont
Realtors® market area:
-Active listings fell 14.9% to 850 at the end of the quarter, the lowest level in five years.
-Heavy unit sales continued to outpace the ability of the market to replenish inventory - as
evidenced by the 9.7% year over year decline in new inventory to 428 – defined as supply
added during the first quarter.
-New pending sales in March fell 5.4% to 300 from the year-ago quarter prompting concerns
that the inadequate number of new listings may temper sales growth in the typically most
active Spring market.
-Seller “pricing power” improved. The ratio of average sales price to original list price
tightened to by 2.56% to 95% over the same period. The negotiability between buyers and
sellers was reduced as inventory declined.
-Consistent with faster marketing time fueled the 2.7% decline to 108 average days on market
from the same quarter a year ago. Despite the 108-day average, 21.6% of all sales in the
quarter sold in ten days or less, further proof of a low inventory market with highdemand.
In summary, the Greater Piedmont Realtors® market area had a very positive first quarter in
terms of traditional market measurements like average sales prices, days on market and giving
sellers an upper hand in negotiations. However, the lack of inventory has real estate
professionals concerned. Of primary note is that the Greater Piedmont Realtors® is fast
approaching exceeding generating $200m in sales per quarter and trending towards a $1b year.
Pricing
The biggest gainer this Quarter was Culpeper for a 19.76 percent increase in median
sales price ($297,000), followed by Rappahannock’s growth 13.59 percent ($418,000)
and, then, Fauquier at 9.38 percent growth ($385,000). The remaining two counties saw
declines: Orange, 2.02 percent decline ($230,000) and Madison a more modest .25
percent decline ($199,000).
Closed Sales Fauquier led the way with 201 sales (15.52 percent growth), followed by Orange 117 units (5.65
percent decline), Culpeper 147 units (2.8 percent growth), Madison 19 units (20.83 percent decline) and
Rappahannock’s 17 units (19.05 percent growth)
Ratio of Average Sales Price to Original List Price
As reported earlier the lack of inventory has led to pricing power for sellers in terms of negotiating strength.
As a result, the following changes occurred in the First Quarter: Madison Country’s change of 4.06 percent
led the group (94.5 percent), followed by Rappahannock 4.39 percent change (90.3 percent), Fauquier 2.98
percent (94.4 percent) and Orange 2.41 percent change (95.7 percent) and, last Culpeper .91 percent increase
(96.7 percent), which is the highest ratio of the 5 counties.
Fauquier led the way with 315 Active listings, followed by Culpeper (195), Orange
(190), Rappahannock (66) and Madison (55).
Rappahannock (277 days) showed a 6.1 percent reduction from 2017,

Fauquier (121 days) up 31.52 percent, Madison (107) down 17.69 percent,
Culpeper (88 days) up 2.33 percent and Orange (86 days) down 34.35 percent.
New listing growth was most prominent in Fauquier county (393 units),
followed by Culpeper (295 units), Orange (229 units), Madison (36 units)
and Rappahannock (18 units).
Greater Piedmont REALTORS® (GPR)
1Q 2018 Quarterly Market Overview
Greater Piedmont REALTORS®
A trade association of real estate professionals and affiliate members serving the counties of
Culpeper, Fauquier, Madison, Orange, and Rappahannock. We exist to provide outstanding
services and leadership to help our members be successful and profitable in real estate.
GREATERPIEDMONT REALTORS®– 47 Garrett Street, Warrenton, VA 20186 Phone: 540-347-
4866 Fax: 540-347-2459
Jonathan J. Miller, CRE,CRP
Jonathan Miller is President and CEOof Miller Samuel Inc., a real estate appraisal and consulting
firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and
Connecticut, performing court testimony as an expert witness in various local, state and federal
courts. Miller Samuel provides appraisal services on roughly $5 billion worth of property per
year in the New York City metropolitan area. He is also co-founder of Miller Cicero, LLC, a
commercial real estate valuation firm that covers the same market area.
He is a well-regarded real estate commentator, covering U.S. and regional housing issues in
print and digital media including The New York Times, Bloomberg, The Wall Street Journal,
Reuters, AP, CNBC,CNN,ABC, The Real Deal, Crain’s New York Business andothers.
He is the author of a series of market reports considered the “report of record” covering the
New York City metropolitan area, South Florida, Los Angeles and Aspen that are relied on by the
media, financial institutions and government agencies including the Federal Reserve, Internal
Revenue Service, U.S. Department of Housing and Urban Development, the NYCOffice of
Management and Budget and others. He co-authored a research paper for NYU School of Law
and the NYU Wagner Graduate School of Public Service’s Furman Center for Real Estate and
Urban Policy titled The Condominium v. Cooperative Puzzle: An Empirical Analysis of Housing in
New York City, published in 2007 by the Journal of Legal Studies at the University of Chicago. He
also developed pending home sale indices for the Washington, D.C. metro and Baltimore,
Maryland metro areas on behalf of MRIS, one of the largest MLS systems in the U.S.
Some distinctions awarded Mr. Miller include:
•Named “Best Online Real Estate Expert” by MoneyMagazine.

•Declared the “Most Trusted Man in NYCreal estate” byThe Observer.
•Named one of “The Best Finance People on Twitter” byBusiness Insider.
•Selected as one of the 100 Most Powerful People in Real Estate 3 timesby The New York Observer.
•Recognized for “Keeping the Industry Honest” by The NewYork Post.
•Named one of the 20 Biggest Power Players in NYCReal Estate by The New YorkPost.
•Recognized by Inman News as one of the top 25 most influential U.S. real estate bloggers and his blog,
Matrix, was voted one of the top five U.S. real estate blogs.
Page 1 of 1
1st Quarter 2018
Greater Piedmont REALTORS® (GPR)
Sold Summary Financing (Sold) Days on Market (Sold)

Q1 2018 Q1 2017 % Change Assumption 0 0 15
Sold Dollar Volume $182,422,199 $153,048,985 19.19% Cash 72 1 to 10 93
Avg Sold Price $364,116 $314,916 15.62% Conventional 210 11 to 20 57
Median Sold Price $301,000 $272,500 10.46% FHA 97 21 to 30 34
Units Sold 501 486 3.09% Other 50 31 to 60 64
Avg Days on Market 108 111 -2.70% Owner 1 61 to 90 64
Avg List Price for Solds $373,330 $324,313 15.11% VA 71 91 to 120 42
Avg SP to OLP Ratio 95.6% 94.2% 1.53% 121 to 180 51
Ratio of Avg SP to Avg OLP 95.0% 92.6% 2.56% 181 to 360 54
Attached Avg Sold Price $215,646 $218,092 -1.12% 361 to 720 17
Detached Avg Sold Price $375,955 $323,836 16.09% 721+ 10
Attached Units Sold 37 41 -9.76%
Detached Units Sold 464 445 4.27%
Notes:
SP = Sold Price
OLP = Original List Price
LP = List Price (at time of sale)
Garage/Parking Spaces are not included in Detached/Attached section totals.
Sold Detail Active Detail

Residential Condo/Coop Active Listings
2 or Less BR 3 BR 4 or More BR All Residential Condo/Coop
Price Ranges Detached Attached/TH Detached Attached/TH Detached Attached/TH Attached Detached Attached/TH Attached
< $50,000 1 0 3 0 0 0 0 2 0 0
$50K to $99,999 2 0 2 0 2 0 1 11 0 3
$100K to $149,999 5 0 7 1 0 0 2 11 1 1
$150K to $199,999 7 0 44 11 11 0 2 29 8 3
$200K to $299,999 5 2 74 12 50 2 0 158 4 7
$300K to $399,999 3 1 56 1 60 2 0 187 1 0
$400K to $499,999 2 0 16 0 36 0 0 122 0 0
$500K to $599,999 2 0 5 0 26 0 0 71 0 0
$600K to $799,999 1 0 5 0 21 0 0 81 1 0
$800K to $999,999 0 0 2 0 7 0 0 43 0 0
$1M to $2,499,999 0 0 1 0 5 0 0 70 0 0
$2.5M to $4,999,999 0 0 1 0 2 0 0 23 0 0
$5,000,000+ 0 0 0 0 0 0 0 13 0 0
Total 28 3 216 25 220 4 5 821 15 14
Avg Sold Price $253,564 $269,500 $312,828 $210,237 $453,512 $312,250 $133,100
Prev Year - Avg Sold Price $228,081 $175,900 $257,900 $224,154 $407,879 $217,700 $236,461
Avg Sold % Change 11.17% 53.21% 21.30% -6.21% 11.19% 43.43% -43.71%
Prev Year - # of Solds 32 6 211 21 202 7 7
Copyright © 2018 MarketStats by ShowingTime. All RightsReserved.

Data Source: MRIS. Statistics calculated April 04, 2018.
1st Quarter 2018
Culpeper County, VA

Avg Days on Market 88 86 2.33% Owner 1 61 to 90 23
Attached Avg Sold Price $212,340 $176,259 20.47% 361 to 720 4
Notes:
SP = Sold Price

< $50,000 0 0 2 0 0 0 0 1 0 0
$50K to $99,999 0 0 1 0 2 0 0 2 0 0
$100K to $149,999 0 0 2 0 0 0 0 3 1 0
$150K to $199,999 1 0 8 3 2 0 1 1 3 0
$200K to $299,999 0 0 28 4 22 1 0 43 2 6
$300K to $399,999 0 1 20 0 27 0 0 83 0 0
$400K to $499,999 0 0 1 0 13 0 0 32 0 0
$500K to $599,999 0 0 1 0 4 0 0 12 0 0
$600K to $799,999 0 0 1 0 1 0 0 6 0 0
$800K to $999,999 0 0 0 0 1 0 0 7 0 0
$1M to $2,499,999 0 0 0 0 0 0 0 2 0 0
$2.5M to $4,999,999 0 0 0 0 0 0 0 1 0 0
$5,000,000+ 0 0 0 0 0 0 0 2 0 0
Total 1 1 64 7 72 1 1 195 6 6
Avg Sold Price $165,000 $300,000 $276,761 $206,914 $345,966 $210,000 $165,000
Avg Sold % Change 8.69% 120.64% 22.57% 4.20% 7.55% 15.81% 1.78%

1st Quarter 2018
Fauquier County, VA

Avg Days on Market 121 92 31.52% Owner 0 61 to 90 22
Notes:
SP = Sold Price

< $50,000 0 0 0 0 0 0 0 0 0 0
$50K to $99,999 1 0 0 0 0 0 0 0 0 0
$100K to $149,999 0 0 0 0 0 0 2 0 0 1
$150K to $199,999 3 0 3 4 1 0 1 3 1 3
$200K to $299,999 4 2 16 7 8 1 0 23 1 1
$300K to $399,999 3 0 27 1 22 2 0 53 1 0
$400K to $499,999 0 0 14 0 20 0 0 65 0 0
$500K to $599,999 0 0 3 0 21 0 0 38 0 0
$600K to $799,999 1 0 3 0 18 0 0 42 1 0
$800K to $999,999 0 0 2 0 4 0 0 20 0 0
$1M to $2,499,999 0 0 0 0 4 0 0 46 0 0
$2.5M to $4,999,999 0 0 1 0 2 0 0 15 0 0
$5,000,000+ 0 0 0 0 0 0 0 10 0 0
Total 12 2 69 12 100 3 3 315 4 5
Avg Sold Price $294,825 $254,250 $422,411 $231,375 $579,198 $346,333 $149,167
Avg Sold % Change -8.33% 17.80% 25.87% -6.38% 8.50% 6.09% -43.96%

1st Quarter 2018
Madison County, VA

Median Sold Price $199,000 $199,500 -0.25% FHA 5 21 to 30 1
Units Sold 19 24 -20.83% Other 3 31 to 60 2
Attached Avg Sold Price $0 $0 % 361 to 720 0
Attached Units Sold 0 0 %
Detached Units Sold 19 24 -20.83%
Notes:
SP = Sold Price

< $50,000 0 0 0 0 0 0 0 0 0 0
$50K to $99,999 1 0 0 0 0 0 0 1 0 0
$100K to $149,999 1 0 0 0 0 0 0 6 0 0
$150K to $199,999 0 0 8 0 0 0 0 9 0 0
$200K to $299,999 1 0 2 0 2 0 0 7 0 0
$300K to $399,999 0 0 1 0 1 0 0 6 0 0
$400K to $499,999 0 0 0 0 0 0 0 7 0 0
$500K to $599,999 0 0 0 0 1 0 0 5 0 0
$600K to $799,999 0 0 0 0 0 0 0 2 0 0
$800K to $999,999 0 0 0 0 1 0 0 4 0 0
$1M to $2,499,999 0 0 0 0 0 0 0 6 0 0
$2.5M to $4,999,999 0 0 0 0 0 0 0 2 0 0
$5,000,000+ 0 0 0 0 0 0 0 0 0 0
Total 3 0 11 0 5 0 0 55 0 0
Avg Sold Price $145,967 $0 $205,425 $0 $469,800 $0 $0
Prev Year - Avg Sold Price $161,800 $0 $201,716 $0 $236,167 $0 $0
Avg Sold % Change -9.79% 0.00% 1.84% 0.00% 98.93% 0.00% 0.00%

1st Quarter 2018
Orange County, VA

Sold Dollar Volume $29,631,377 $30,521,317 -2.92% Cash 16 1 to 10 19
Median Sold Price $230,000 $234,750 -2.02% FHA 24 21 to 30 7
Attached Units Sold 7 4 75.00%
Notes:
SP = Sold Price

< $50,000 1 0 1 0 0 0 0 1 0 0
$50K to $99,999 0 0 1 0 0 0 1 7 0 3
$100K to $149,999 3 0 5 1 0 0 0 2 0 0
$150K to $199,999 2 0 24 4 8 0 0 14 4 0
$200K to $299,999 0 0 24 1 18 0 0 74 1 0
$300K to $399,999 0 0 7 0 10 0 0 36 0 0
$400K to $499,999 0 0 0 0 3 0 0 13 0 0
$500K to $599,999 0 0 0 0 0 0 0 11 0 0
$600K to $799,999 0 0 0 0 2 0 0 20 0 0
$800K to $999,999 0 0 0 0 0 0 0 5 0 0
$1M to $2,499,999 0 0 1 0 0 0 0 6 0 0
$2.5M to $4,999,999 0 0 0 0 0 0 0 1 0 0
$5,000,000+ 0 0 0 0 0 0 0 0 0 0
Total 6 0 63 6 41 0 1 190 5 3
Avg Sold Price $125,833 $0 $241,715 $171,837 $306,447 $0 $53,000
Prev Year - Avg Sold Price $116,950 $0 $199,204 $151,500 $316,164 $163,500 $0
Avg Sold % Change 7.60% 0.00% 21.34% 13.42% -3.07% 0.00% 0.00%

1st Quarter 2018
Rappahannock County, VA

Sold Dollar Volume $7,458,000 $9,143,550 -18.43% Cash 7 1 to 10 1
Attached Avg Sold Price $0 $0 % 361 to 720 1
Attached Units Sold 0 0 %
Notes:
SP = Sold Price

< $50,000 0 0 0 0 0 0 0 0 0 0
$50K to $99,999 0 0 0 0 0 0 0 1 0 0
$100K to $149,999 1 0 0 0 0 0 0 0 0 0
$150K to $199,999 1 0 1 0 0 0 0 2 0 0
$200K to $299,999 0 0 4 0 0 0 0 11 0 0
$300K to $399,999 0 0 1 0 0 0 0 9 0 0
$400K to $499,999 2 0 1 0 0 0 0 5 0 0
$500K to $599,999 2 0 1 0 0 0 0 5 0 0
$600K to $799,999 0 0 1 0 0 0 0 11 0 0
$800K to $999,999 0 0 0 0 1 0 0 7 0 0
$1M to $2,499,999 0 0 0 0 1 0 0 10 0 0
$2.5M to $4,999,999 0 0 0 0 0 0 0 4 0 0
$5,000,000+ 0 0 0 0 0 0 0 1 0 0
Total 6 0 9 0 2 0 0 66 0 0
Avg Sold Price $367,333 $0 $358,222 $0 $1,015,000 $0 $0
Prev Year - Avg Sold Price $274,975 $0 $407,605 $0 $593,333 $0 $0
Avg Sold % Change 33.59% 0.00% -12.12% 0.00% 71.07% 0.00% 0.00%


GPR 1qtr2018

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FORIMMEDIATERELEASE

Contact: Debbie Werling

Rappahannock (277 days) showed a 6.1 percent reduction from 2017,

Greater Piedmont REALTORS®

Jonathan J. Miller, CRE,CRP

Some distinctions awarded Mr. Miller include:

•Named “Best Online Real Estate Expert” by MoneyMagazine.

Sold Summary Financing (Sold) Days on Market (Sold)

Sold Dollar Volume $182,422,199 $153,048,985 19.19% Cash 72 1 to 10 93

Avg Sold Price $364,116 $314,916 15.62% Conventional 210 11 to 20 57

Median Sold Price $301,000 $272,500 10.46% FHA 97 21 to 30 34

Units Sold 501 486 3.09% Other 50 31 to 60 64

Avg Days on Market 108 111 -2.70% Owner 1 61 to 90 64

Avg List Price for Solds $373,330 $324,313 15.11% VA 71 91 to 120 42

Avg SP to OLP Ratio 95.6% 94.2% 1.53% 121 to 180 51

Ratio of Avg SP to Avg OLP 95.0% 92.6% 2.56% 181 to 360 54

Attached Avg Sold Price $215,646 $218,092 -1.12% 361 to 720 17

Detached Avg Sold Price $375,955 $323,836 16.09% 721+ 10

Attached Units Sold 37 41 -9.76%

Detached Units Sold 464 445 4.27%

Sold Detail Active Detail

2 or Less BR 3 BR 4 or More BR All Residential Condo/Coop

$200K to $299,999 5 2 74 12 50 2 0 158 4 7

$300K to $399,999 3 1 56 1 60 2 0 187 1 0

$400K to $499,999 2 0 16 0 36 0 0 122 0 0

Total 28 3 216 25 220 4 5 821 15 14

Prev Year - # of Solds 32 6 211 21 202 7 7

Copyright © 2018 MarketStats by ShowingTime. All RightsReserved.

Sold Summary Financing (Sold) Days on Market (Sold)

Sold Dollar Volume $44,910,656 $37,023,445 21.30% Cash 21 1 to 10 33

Avg Sold Price $305,515 $258,905 18.00% Conventional 51 11 to 20 16

Median Sold Price $297,000 $248,000 19.76% FHA 39 21 to 30 7

Units Sold 147 143 2.80% Other 17 31 to 60 22

Avg Days on Market 88 86 2.33% Owner 1 61 to 90 23

Avg List Price for Solds $309,921 $263,821 17.47% VA 18 91 to 120 11

Avg SP to OLP Ratio 96.8% 94.9% 2.06% 121 to 180 15

Ratio of Avg SP to Avg OLP 96.7% 95.8% 0.91% 181 to 360 9

Attached Avg Sold Price $212,340 $176,259 20.47% 361 to 720 4

Detached Avg Sold Price $312,316 $267,875 16.59% 721+ 2

Attached Units Sold 10 14 -28.57%

Detached Units Sold 137 129 6.20%

Sold Detail Active Detail

2 or Less BR 3 BR 4 or More BR All Residential Condo/Coop

Prev Year - # of Solds 7 3 60 6 62 3 2

Copyright © 2018 MarketStats by ShowingTime. All RightsReserved.

Sold Summary Financing (Sold) Days on Market (Sold)

Sold Dollar Volume $95,375,591 $71,615,710 33.18% Cash 25 1 to 10 36

Avg Sold Price $474,505 $411,585 15.29% Conventional 102 11 to 20 18

Median Sold Price $385,000 $352,000 9.38% FHA 27 21 to 30 17

Units Sold 201 174 15.52% Other 20 31 to 60 24

Avg Days on Market 121 92 31.52% Owner 0 61 to 90 22

Avg List Price for Solds $485,356 $425,267 14.13% VA 27 91 to 120 17

Avg SP to OLP Ratio 95.2% 94.6% 0.69% 121 to 180 23

Ratio of Avg SP to Avg OLP 94.4% 91.6% 2.98% 181 to 360 24

Attached Avg Sold Price $238,575 $254,093 -6.11% 361 to 720 7

Detached Avg Sold Price $500,575 $435,573 14.92% 721+ 6

Attached Units Sold 20 23 -13.04%

Detached Units Sold 181 151 19.87%

Sold Detail Active Detail

2 or Less BR 3 BR 4 or More BR All Residential Condo/Coop

Total 12 2 69 12 100 3 3 315 4 5

Prev Year - # of Solds 12 3 62 13 77 2 5

Copyright © 2018 MarketStats by ShowingTime. All RightsReserved.