Long & Foster Market Minute® reports show low levels of inventory
CHANTILLY, Va., March 18, 2013 – The greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in February, according to The Long & Foster Market Minute® reports. According to February 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.
In February, median sale price increased or remained the same throughout the entire Winchester region compared to the same period a year ago. Shenandoah County and Frederick County saw increases in median sale price of 14 percent and 7 percent, respectively. Winchester City saw a 2 percent increase, while prices remained similar to last February in Warren County.
The greater Winchester area inventory levels continue to steadily decline, with both Winchester City and Frederick County experiencing a year-over-year decrease of 18 percent. Warren County saw a 16 percent decrease in active inventory compared to year-ago levels, while Shenandoah County saw a 6 percent decline, according to data.
Homes in the Winchester area are continuing to sell at a rapid pace according to February data. Winchester City experienced a days on market (DOM) average of 59 days while Frederick County had an average DOM of 67 days. Warren and Shenandoah counties saw DOM averages of 80 days and 130 days respectively.
The number of homes sold in the Winchester region varied in February. Much of the area saw declines in sale, partially as a result of the low levels of inventory in the area. Sellers in the Winchester region continued to receive 94 percent or more of their asking price, on average.
“As we gear up for the 2013 spring buying season, the local real estate market in the Winchester region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Winchester-area residential real estate market that is in full recovery mode.”
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.