Much of Winchester Market Saw Increase in Median Sale Prices in March 2016

April 28, 2016

Market Minute LogoMost areas of the Winchester real estate market enjoyed an increase in median sale prices in March, 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 MMMarch2016 chart

In March, median sale prices increased in many areas of the Winchester region, with Shenandoah County experiencing an increase of 17 percent and Frederick County seeing an increase of 9 percent compared to the previous year. The median sale price rose by 8 percent in Warren County and it fell by 18 percent in Winchester City.

The number of homes sold varied in the Winchester region in March compared to the same month in 2015. Warren County saw a 19 percent jump, while Frederick County experienced a 3 percent increase. Winchester City experienced a 10 percent decrease in the number of homes sold compared to last year and Shenandoah County experienced a 28 percent decrease.

In the Winchester region, active inventory decreased by 16 percent in Frederick County and by 13 percent in Shenandoah County. Winchester City saw a 12 percent drop when compared to the same month the previous year, and in Warren County inventory declined by 11 percent.

Homes in the Winchester area are continuing to sell at a steady pace according to March data. Frederick County saw the lowest days on market (DOM) average at 69 days, followed by both Warren County and Winchester City at 77 days. Shenandoah County had a DOM average of 80 days.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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.