Mar 201520

Much of the Winchester Market Sees Rising Median Sale Prices in February 2015

Mar 201520

Much of the Winchester Market Sees Rising Median Sale Prices in February 2015

Market Minute LogoAreas of the Winchester real estate market enjoyed rising median sale prices in February, 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.

Winchester Feb 2015

 

In February, the median sale price rose in much of the Winchester region, with Winchester City experiencing an increase of 28 percent and Warren County seeing a 19 percent jump. Median sale price rose by 9 percent in Shenandoah County and declined by 4 percent in Frederick County.

The number of homes sold varied throughout the Winchester region in February compared to the same month in 2014. Frederick County saw a 25 percent increase, followed by Shenandoah County with an 11 percent increase. Warren County experienced no change in the number of homes sold, and Winchester City experienced a 32 percent decrease.

In the Winchester region, active inventory decreased by 18 percent in Warren County and by 15 percent in Winchester City. Shenandoah County experienced a 14 percent drop in inventory, and Frederick County saw a 5 percent increase compared to the same month the previous year.

Homes in the Winchester area are continuing to sell at a steady pace according to February data. Warren County saw the lowest days on market (DOM) average at 81 days, followed closely by Frederick County at 82 days. Winchester City had a DOM average of 111 days and Shenandoah County experienced a DOM average of 139 days.

“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Winchester region, with areas seeing growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”

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 users can subscribe to free updates for the reports in which they’re interested.