Some areas of the Winchester real estate market saw increases in median sale prices in October, according to The Long & Foster Market Minute reports. The greater Winchester, Va., real estate market includes Frederick, Shenandoah and Warren counties and the city of Winchester.
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 October, the median sale price rose in some areas of the Winchester region. Warren County experienced a 26 percent jump in median sale price and Shenandoah County saw a 1 percent improvement. The median sale price decreased by 1 percent in Frederick County, and Winchester City saw a drop of 7 percent.
The number of homes sold varied throughout the Winchester region in October compared to the same month in 2013. Shenandoah County experienced an increase of 6 percent, and Frederick County had a 2 percent increase in the number of homes sold. Warren County and Winchester City experienced declines of 10 percent and 44 percent, respectively.
Homes in the Winchester area are continuing to sell at a solid pace according to October data. Frederick County experienced a days on market (DOM) average of 58 days, followed by Winchester City at an average of 92 DOM. Warren County saw a DOM of 96 days and Shenandoah County experienced a DOM average of 136 days.
In the Winchester region, active inventory decreased by 14 percent in Winchester City and by 1 percent in Warren County. Inventory remained the same year-to-year in Shenandoah County and increased by 7 percent in Frederick County.
“October brought modest improvements to the Mid-Atlantic real estate market, including in the Winchester region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many areas we saw increases in the number of homes being sold, as well as some positive trends in median sale prices. These are welcome signs for real estate in the region, and with continued improvements being made in the economy, we expect a smooth end to 2014.”
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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