Some areas of the Winchester real estate market enjoyed an increase in median sale price in August, 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 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.
In August, median sale prices increased in most of the Winchester region, with Winchester City experiencing an increase of 13 percent and Warren County seeing an 11 percent increase compared to the previous year. Median sale price increased by 10 percent in Shenandoah County and decreased by 3 percent in Frederick County.
The number of homes sold increased in some parts of the Winchester region in August compared to the same month in 2014. Shenandoah County saw a 17 percent increase, followed by Frederick County with a 5 percent increase. Warren County experienced no change compared to last year and Winchester City experienced a 4 percent decrease.
In the Winchester region, active inventory decreased by 19 percent in Winchester City and by 11 percent in Warren County. Shenandoah County experienced a 5 percent drop in inventory, and Frederick County saw a 3 percent decrease compared to the same month the previous year.
Homes in the Winchester area are continuing to sell at a steady pace according to August data. Winchester City saw the lowest days on market (DOM) average at just 35 days, followed by Frederick County at 60 days. Warren County had a DOM average of 61 days and Shenandoah County experienced a DOM average of 119 days.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Winchester region continued to see improvements in median sale prices, and we’re looking forward to a strong fall market.”
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, Inc.