Jan 201717

Median Sale Prices Rise in Much of the Winchester Market in December 2016

Jan 201717

Median Sale Prices Rise in Much of the Winchester Market in December 2016

Market Minute LogoThe Winchester real estate market experienced an increase in median sale prices in December, 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 Chart Dec2016

Median sale prices rose in most areas of the Winchester region in December, with Winchester City experiencing a 30 percent jump and Warren County experiencing a 16 percent increase. In Frederick County, the median sale price rose by 8 percent over the previous year and in Shenandoah County it declined by 1 percent.

The number of homes sold varied in the Winchester region in December compared to the same month in 2015. Winchester City experienced an increase of 107 percent, while in Frederick County the number of homes sold rose by 5 percent. In Shenandoah County, the number of homes sold decreased by 15 percent, and Warren County saw a 30 percent decrease.

Active inventory fell across the Winchester region, with Shenandoah County experiencing a decrease of 24 percent, followed by Frederick County with a decrease of 23 percent. In Winchester City, active inventory fell by 21 percent, and it fell by 19 percent in Warren County.

Homes in the Winchester area are continuing to sell at a steady pace according to December data. Winchester City saw the lowest days on market (DOM) average at 51 days, followed by Frederick County at 64 days and Warren County at 89 days. Shenandoah County had a DOM average of 147 days.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.