Long & Foster Market Minute reports show low days on market in the region
The greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in August, according to The Long & Foster Market Minute® reports. According to August data, the median sale prices in the area increased and days on market remained low.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
In August, median sale prices increased throughout the entire Winchester region compared to the same period a year ago. Winchester City saw a significant increase in median sale price of 34 percent, while Frederick County saw an increase of 27 percent compared to August 2012. Shenandoah County saw an increase of 14 percent, and Warren County saw an increase of 4 percent.
Homes in the Winchester area are continuing to sell at a rapid pace according to August data. Warren County experienced a days on market (DOM) average of 42 days, while Winchester City had an average DOM of 51 days. Frederick and Shenandoah counties had average DOMs of 53 days and 66 days, respectively.
The number of homes sold varied in the Winchester region in August. Warren and Frederick counties both saw increases – 22 percent in Warren and 10 percent in Frederick. Shenandoah County saw a small decrease of 4 percent, while Winchester City saw a larger decrease of 22 percent.
Inventory levels in most of the greater Winchester area showed increases compared to August 2012. Inventory increased by 34 percent in Winchester City, by 5 percent in Shenandoah County and by 3 percent in Frederick County. Inventory decreased by 3 percent in Warren County.
“Across the Mid-Atlantic, and in the Winchester region in particular, we’re seeing continued improvements in the real estate market,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Consumer confidence is up with the economy, and that reflects in the rising home prices and the number of days on 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 users can subscribe to free updates for the reports in which they’re interested.