Long & Foster Market Minute® reports show low levels of inventory
The greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in April, according to The Long & Foster Market Minute® reports. According to April data, the number of homes sold and the median sale price increased in most of the area, and inventory levels continued to remain at low levels throughout the entire region.
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 in the Winchester region increased in most areas in April. Shenandoah County reported a significant increase of 32 percent compared to April 2012. Winchester City and Frederick County saw increases of 20 percent and 19 percent, respectively.
In April, median sale price increased through most of the Winchester region compared to the same period a year ago. Winchester City saw an increase in median sale price of 16 percent, while Frederick County saw an increase of 11 percent compared to April 2012. Warren County saw an increase of 1 percent.
Inventory levels in the greater Winchester area continue to steadily decline, with Warren and Frederick counties experiencing year-over-year decreases of 27 percent and 21 percent, respectively. Winchester City saw a 19 percent decrease in active inventory compared to year-ago levels, while Shenandoah County saw a 13 percent decline, according to data.
Homes in the Winchester area are continuing to sell at a rapid pace according to April data. Frederick County experienced a days on market (DOM) average of 53 days while Winchester City had an average DOM of 73 days. Warren and Shenandoah counties saw DOM averages of 115 days and 139 days, respectively.
“The residential real estate market continues to bloom in the Winchester region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“Although housing inventory is still low, limiting buyers’ options, the Winchester market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Winchester region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”
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.