The greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in May, according to The Long & Foster Market Minute reports. According to May data, the number of units sold and median sale prices increased in some areas.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of homes sold in the region varied in May compared to the same month in 2013. Winchester City experienced an increase of 67 percent, while Shenandoah County experienced a 10 percent increase. Frederick County saw a 13 percent decrease and Warren County saw a 28 percent decrease in the number of units sold.
In May, the median sale price increased in some areas of the Winchester region. Shenandoah County experienced an 18 percent increase in median sale price and Frederick County saw an 11 percent increase. Winchester City experienced a 6 percent increase, while Warren County saw a small decrease at 2 percent.
Homes in the Winchester area are continuing to sell at a solid pace according to May data. Frederick County experienced a days on market (DOM) average of 71 days, followed by Winchester City at an average of 80 DOM. Warren County saw a DOM of 82 days and Shenandoah County experienced a DOM average of 89 days. Active inventory increased throughout the entire region.
“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry for future growth.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
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