Sep 201626

Home Sales Rise in Parts of the Winchester Market in August 2016

Sep 201626

Home Sales Rise in Parts of the Winchester Market in August 2016

Market Minute LogoParts of the Winchester real estate market experienced an increase in home sales in August, according to The Long & Foster Market Minute reports. The greater Winchester, Va., real estate market includes FrederickShenandoah and Warren counties and the city of Winchester. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Winchester MM August 2016

The number of homes sold varied in the Winchester region in August compared to the same month in 2015. Winchester City saw a significant increase of 57 percent, while Warren County saw a 7 percent increase. Shenandoah County experienced no change in the number of homes sold compared to last year and Frederick County experienced a 5 percent decrease.

Median sale prices fell throughout the Winchester region in August, with Frederick County experiencing a 1 percent decline and Shenandoah County experiencing a 2 percent decline. In Warren County the median sale price dropped by 5 percent and in Winchester City it declined by 8 percent.

In the Winchester region, active inventory decreased by 31 percent in Shenandoah County and by 24 percent in Winchester City. Frederick County saw a 12 percent drop when compared to the same month the previous year, and in Warren County inventory declined by 5 percent.

Homes in the Winchester area are continuing to sell at a steady pace according to August data. Frederick County saw the lowest days on market (DOM) average at 44 days, followed by Warren County at 49 days and Winchester City at 66 days. Shenandoah County had a DOM average of 108 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Winchester region, where we saw increased home sales,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.