Some areas of the Winchester real estate market enjoyed an increase in the number of units sold in July, 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.
The number of homes sold increased in some parts of the Winchester region in July compared to the same month in 2014. Frederick County saw a 64 percent increase, followed by Shenandoah County with an 8 percent increase. Winchester City experienced no change compared to last year and Warren County experienced a 19 percent decrease.
In July, median sale prices varied in the Winchester region, with Shenandoah County experiencing an increase of 14 percent and Winchester City seeing a 4 percent increase compared to the previous year. Median sale price decreased by 6 percent in Warren County and decreased by 10 percent in Frederick County.
In the Winchester region, active inventory decreased by 19 percent in Winchester City and by 13 percent in Warren County. Frederick County experienced a 7 percent drop in inventory, and Shenandoah County saw a 6 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 July data. Frederick County saw the lowest days on market (DOM) average at 54 days, followed by Winchester City at 56 days. Warren County had a DOM average of 80 days and Shenandoah County experienced a DOM average of 119 days.
“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the low inventory seen in the Winchester region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”
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.
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