Oct 201618

Home Sales Rise in Most of the Winchester Market in September 2016

Oct 201618

Home Sales Rise in Most of the Winchester Market in September 2016

Market Minute LogoMuch of the Winchester real estate market experienced an increase in home sales in September, 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 MarketMinute September 2016

The number of homes sold rose in most areas of the Winchester region in September compared to the same month in 2015. Shenandoah County saw a 15 percent jump, while Warren County saw a 9 percent increase. Frederick County experienced a 3 percent increase in the number of homes sold compared to last year and Winchester City experienced a 3 percent decrease.

Median sale prices also rose in most parts of the Winchester region in September, with Winchester City experiencing a 28 percent increase and Shenandoah County experiencing a 27 percent increase. In Frederick County, the median sale price rose by 16 percent and in Warren County it declined by 1 percent.

In the Winchester region, active inventory decreased by 30 percent in Winchester City and by 27 percent in Shenandoah County. Frederick County saw a 16 percent drop when compared to the same month the previous year, and in Warren County inventory declined by 10 percent.

Homes in the Winchester area are continuing to sell at a steady pace according to September data. Frederick County saw the lowest days on market (DOM) average at 59 days, followed by Winchester City at 62 days and Warren County at 64 days. Shenandoah County had a DOM average of 107 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Winchester region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.