August 20th, 2015 
This summer has brought the local West Virginia housing market into the spotlight. And that light continues to shine as others grow dim nationally.
Low interest rates, warm weather, soaring home values and the West Virginia Housing Fund’s news of sub-3 percent interest rates have fueled one of the busiest summer buying seasons to date, especially in the Kanawha Valley. From Charleston to Huntington and every town, city and neighborhood in between, buyers continue to flood local realtors with viewings, requests and closings.
Numbers don’t lie
(WV Homes Sales July 2015)
Last month, Kanawha Valley realtors sold 312 homes, according to numbers from the Kanawha Valley MLS. In July 2014, they sold only 247. That’s 21 percent more homes sold this July. June’s numbers tell a similar story of a hotter summer.
Not only are more homes being sold, but they’re being sold quicker. In July 2014, the average time on the market for a home in the Kanawha Valley was 88 days. This July, that number fell to 76 days. In other words, homes in our area are selling 16 percent faster than last year at this time.
The Realtors Speak
Cindy Elkins sells homes left and right, and this summer has been one of her best.
“It’s been a GREAT summer!” the Family First realtor said. “We are experiencing a better seller’s market this summer than last, and sellers have seen an increase in price per square-foot for most recently sold homes in our local market. Buyers also have enjoyed the continued low interest rates, so a home that once was considered ‘out of the question’ is now a possibility due to the low interest rates.”
For the past few months, success has followed Travis McCracken. The Real Estate Central realtor has experienced his busiest summer to date.
“It doesn’t appear to have slowed down at all, even with vacation season, and it’s definitely been busier this summer…I’ve listed more houses this summer than I ever have,” McCracken said. “Overall, I’m seeing certain areas selling faster-places like Scott Depot, Cross Lanes and Hurricane.”
The busy realtor said lately he’s been receiving multiple offers on homes within hours of them hitting the MLS. McCracken believes low interest rates and the historic push by the West Virginia Housing Fund have fueled the market frenzy.
“This is all sparking a lot of interest in first-time home buyers,” he said.
For more than 20 years, Betty Sargent has served thousands of buyers and sellers. Like McCracken and Elkins, the well-known Old Colony realtor has witnessed one of her most successful summers to date. Sargent said the local housing market came alive this Spring and hasn’t slowed down yet.
“It’s been a great summer and a great year, and this Spring, it got really busy and has remained pretty steady,” she said. “I think we’re very fortunate in West Virginia…Our housing market never seems to have the peaks and valleys the rest of the nation experiences.”
Predictions for this Fall
The realtors interviewed all believe Real Estate in the Kanawha Valley will continue its resilient march forward even into Autumn and Winter.
McCracken remains confident.
“I’m expecting for the market to pick up, and I believe we’ll see more homes bought and sold before winter,” he said.
Sargent is excited to see what the cooler weather brings.
“Going into fall, so far it’s been steady, but still going strong, and we’ve got good buyers,” she said. “I’d think Fall will be somewhat different because of the government changing closing requirements, but we’re still excited for Fall and Winter.”
Elkins looks forward with hope.
“I’m ever the optimistic, I anticipate our local market to remain stable, with very little change from last fall…unless interest rates increase over the next few months,” she said. “There’s never been a better time to purchase or sell a home and we are blessed to enjoy one of the best, most stable markets in the country.”
By: Justin Waybright & Chuck Boggs
