Most parts of the Winchester region continued to show a positive trend in number of homes sold in June, according to the Long & Foster Real Estate Market Minute report. Besides Winchester City, which had a 33% decline, all other counties had increases, with Shenandoah County having the largest increase of 11%. Median sale prices dipped slightly in the region and active inventory also fell throughout the region with decreases ranging from 16% in Winchester City to 6% in Shenandoah County. 

The Long & Foster Real Estate Market Minute report for the region includes Frederick, Shenandoah and Warren counties, and the city of Winchester.

 

“When going into this year we had certain expectations about the market and there were market factors that were headwinds for us,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Foster said that the past six months have met these expectations, aside from a later spring market than anticipated.  

This month, Foster pointed out the dramatic decrease in inventory throughout the Winchester region. “There are continuing inventory contractions off of already–depleted numbers, however median sale prices are staying flat or changing by single digits in many places, which is good.”  

Interest rates are staying low and are expected to stay low for the rest of the year. Inventory challenges remain and are not expected to ease up anytime soon. The unemployment rate is also low, and wages are rising, meaning people have more money in their pocket.  

Addressing the aging-in-place trend, Foster said there are a few reasons he doesn’t think people are moving. “Many are afraid they won’t be able to find a place they like once they sell their current home,” he said.

For the most part though, when people get older, they want something that’s more manageable – both physically and financially, he said. Communities for those 55+ are an attractive option because they provide a lot of activities and benefits within a community of similar people. Having a knowledgeable real estate agent will help make the process easier by providing in-depth information that buyers can use to make a fully-informed opinion. 

Foster anticipates the rest of the year will be like 2018. “We’re a little bit ahead of where we were this time last year from a volume perspective,” he said. “In terms of the rest of the year though, I think it’s going to be really similar to what happened last year.” Foster said from now until Labor Day the market will slow down a bit before picking up again till Thanksgiving. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.