The Winchester region exhibited fluctuating home sales in October, according to the Long & Foster Real Estate Market Minute Report. Shenandoah County and Warren County saw increases of 8% and 10% respectively, while Frederick County and Winchester City saw declines of 16% and 7% respectively.
Home sale prices took a slight dip in most areas, aside from Frederick County which saw no year-over-year change. Winchester City had the largest decline with a 7% fall, followed by Warren County which had a 4% decrease. Inventory decreased over much of the region with Warren County showcasing a 19% decline, followed by Shenandoah County which had a 17% drop.
The Long & Foster Real Estate Market Minute report for the region includes Frederick, Shenandoah and Warren counties, and the City of Winchester.
When looking at the real estate market in Winchester, Larry “Boomer” Foster, the president of Long & Foster Real Estate, said that the “market is strong due to there being ample credit and significant demand.”
Even though inventory and the number of homes sold are down Foster believes the real estate market is still healthy. There is still a high demand for homes as evidenced by the number of days properties stay on the market as well as the list versus sales price.
Discussing how the National Association of Realtors passed a rule to ban pocket listings, Foster believes that it’s a pro-consumer move that will be beneficial to all. The new ruling dictates that once a home has been marketed to the public, it needs to get put on a multiple listing service within 24 hours. This will enable buyers to have a fuller picture of what is on the market so they can make more informed decisions on where to buy and live. For sellers, it will allow them to expose their property to potential prospects and increase the amount of demand for their house.
The real estate landscape is different from years past as buyer’s expectations and seller’s approach to listing their homes have changed. Buyers nowadays are looking for move-in ready homes that they do not have to renovate or update. Because of this, sellers need to be willing to invest some money in getting their house ready to be sold or be prepared for a lower price point. Enlisting a Long & Foster professional will help sellers get their homes staged, sold and ultimately expose it to the biggest pool of potential prospects.
To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.