Winchester Housing Market Sees Increase in Sale Prices in March

April 15, 2013

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 March, according to The Long & Foster Market Minute® reports. According to March data, 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.

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Homes in the Winchester area are continuing to sell at a rapid pace according to March data. Winchester City experienced a days on market (DOM) average of 57 days while Warren County had an average DOM of 65 days. Frederick and Shenandoah counties saw DOM averages of 75 days and 153 days, respectively.Inventory levels in the greater Winchester area continue to steadily decline, with Winchester City and Frederick County experiencing year-over-year decreases of 28 percent and 23 percent, respectively. Warren County saw a 22 percent decrease in active inventory compared to year-ago levels, while Shenandoah County saw a 15 percent decline, according to data.

The number of homes sold in the Winchester region varied in March. Warren and Shenandoah counties reported an increase of 14 percent and 6 percent, respectively, in homes sold compared to March 2012. Sellers in the Winchester region continued to receive 95 percent or more of their asking price, on average.

“Spring is finally here, along with an uptick in activity in the residential real estate market in the Winchester region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“While inventory remains low, limiting the number of options for would-be buyers, the Winchester market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Winchester region’s local housing market, and provide a prime opportunity for fence-sitters 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.