Jul 201627

Median Sale Prices Rose in Much of the Winchester Market in June 2016

Jul 201627

Median Sale Prices Rose in Much of the Winchester Market in June 2016

Market Minute LogoMany parts of the Winchester real estate market experienced an increase in median sale prices in June, 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.WinchesterMM June2016 Chart

In June, median sale prices rose in most of the Winchester region, with Warren County experiencing an increase of 15 percent and Winchester City seeing an increase of 4 percent compared to the previous year. The median sale price increased by 1 percent in Shenandoah County and it fell by 5 percent in Frederick County.

The number of homes sold varied in the Winchester region in June compared to the same month in 2015. Shenandoah County saw a 49 percent jump, while Warren County saw a 32 percent increase. Winchester City experienced a 26 percent decrease in the number of homes sold compared to last year and Frederick County experienced a 28 percent decrease.

In the Winchester region, active inventory decreased by 26 percent in Shenandoah County and by 14 percent in Frederick County. Winchester City saw a 13 percent drop when compared to the same month the previous year, and in Warren County inventory declined by 9 percent.

Homes in the Winchester area are continuing to sell at a steady pace according to June data. Winchester City saw the lowest days on market (DOM) average at 48 days, followed by Frederick County at 60 days and Shenandoah County at 70 days. Warren County had a DOM average of 93 days.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the 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.