Jun 201623

Number of Homes Sold Rose in the Winchester Market in May 2016

Jun 201623

Number of Homes Sold Rose in the Winchester Market in May 2016

Market Minute LogoThe entire Winchester real estate market experienced an increase in the number of homes sold in May, 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 MM May2016

The number of homes sold increased in the Winchester region in May compared to the same month in 2015. Winchester City saw a 19 percent jump, while Frederick County saw a 10 percent increase. Shenandoah County experienced an 8 percent increase in the number of homes sold compared to last year and Warren County experienced a 7 percent increase.

In May, median sale prices rose in most of the Winchester region, with Warren County experiencing an increase of 14 percent and Shenandoah County seeing an increase of 4 percent compared to the previous year. The median sale price increased by 1 percent in Frederick County and it fell by 1 percent in Winchester City.

In the Winchester region, active inventory decreased by 27 percent in Shenandoah County and by 16 percent in Frederick County. Warren County saw a 15 percent drop when compared to the same month the previous year, and in Winchester City inventory declined by 3 percent.

Homes in the Winchester area are continuing to sell at a steady pace according to May data. Winchester City saw the lowest days on market (DOM) average at 50 days, followed by Warren County at 59 days and Frederick County at 63 days. Shenandoah County had a DOM average of 111 days.

“May was a good month for the real estate industry overall this year, as well as in the Winchester region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”

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.