The greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in January, according to The Long & Foster Market Minute® reports. According to January data, the number of homes sold increased by more than 30 percent in both Shenandoah County and Winchester City. 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 varied throughout the Winchester region in January compared with the same month in 2013. Both Shenandoah County and Winchester City saw significant increases in the number of homes sold, at 33 percent. Frederick County saw a decrease of 4 percent, while Warren County experienced a 9 percent decrease.
In January, median sale prices varied throughout the Winchester region as well. Warren County saw an increase of 15 percent and Winchester City saw a 5 percent increase. Frederick County and Shenandoah County each saw decreases of 1 percent and 12 percent, respectively.
Inventory levels increased in much of the Winchester area compared to January 2013, but Shenandoah County saw a 1 percent decrease. Inventory increased by 11 percent in both Warren County and Winchester City and by 19 percent in Frederick County.
Homes in the Winchester area are continuing to sell at a solid pace according to January data. Frederick County experienced a days on market (DOM) average of 60 days, followed by Winchester City at an average of 65 DOM. Warren County saw an average DOM of 84 days and Shenandoah County experienced a DOM average of 113 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re still seeing some encouraging trends along the East Coast, including in the Winchester region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Positive signs include continued increases in the number of homes sold and rising median sale prices in some areas, as well as low days on market. With many people holding off on home searches in the cold weather, we anticipate a robust spring 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.