Number of homes sold increased throughout the Winchester region in November, according to the Long & Foster Real Estate Market Minute Report. Winchester City exhibited the largest surge with a whopping 140% increase, followed by Warren County with a 40% rise.
Home sale prices fluctuated across the region, with Frederick County demonstrating a 10% incline, while Winchester City had a 12% decrease. Inventory took a dip throughout, with declines ranging from a 23% fall in Warren County to a 17% decrease in Shenandoah County.
“While inventory continued to shrink in Winchester, the median sales prices are only appreciating at low- to mid- single digits, which is healthy,” said Larry “Boomer” Foster, Long & Foster’s real estate president. This indicates that there’s no fear of a housing bubble since prices are not inflating dramatically, despite drastically low inventory.
With 2020 just around the corner, Foster provided some predictions on what the new year holds. He stated that it will look similar to 2019 from an inventory and interest rates standpoint. Due to the instability in the world economy, unless something major were to occur, it is unlikely for the 30-year fixed rates to change a great deal. They’re expected to stay at or around 4%, which is still historically low. The domestic economy is doing well though, with consumer confidence high and unemployment low, so the chance of a recession is slim.
For those whose home did not sell in the winter, Foster recommends consulting an agent to get an idea of whether or not the home was prepared to be shown to a professional. During the fall market, there are typically less buyers, but they’re usually more serious. If it did not sell, it’s because it probably it wasn’t staged properly or it was not marketed to the biggest pool of potential prospects. Exposing your home to more prospects will drive more demand to your home and, in turn, drive up the price of the house. So if it did not sell, make sure to talk to a true real estate professional.