The greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in July, according to The Long & Foster Market Minute reports. The July data showed that median sale prices increased in a number of 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.
In July, the median sale price increased in some areas of the Winchester region. Frederick County experienced a 28 percent jump in median sale price and Warren County saw a 9 percent improvement. The median sale price increased by 1 percent in Winchester City, and Shenandoah County saw a decrease of 20 percent.
The number of homes sold decreased in much of the Winchester region in July compared to the same month in 2013. Shenandoah County experienced an increase of 29 percent. Both Warren County and Winchester City saw drops of 18 percent, and Frederick County saw a decline of 19 percent.
Homes in the Winchester area are continuing to sell at a solid pace according to July data. Frederick County experienced a days on market (DOM) average of 54 days, followed by Warren County at an average of 58 DOM. Winchester City saw a DOM of 84 days and Shenandoah County experienced a DOM average of 110 days. Active inventory increased throughout the entire region.
“Throughout this summer the real estate market has stabilized and in many regions inventory is up, meaning more homes for buyers to choose from,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Meanwhile, sellers are continuing to benefit from speedy transactions, with our data showing days on market averages of three months or fewer in nearly all parts of the Mid-Atlantic. Overall, the market is well positioned 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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