August 2012 home sales in Winchester, VA are showing a new trend in short sales and foreclosed properties. The total number of closed sales in August 2012 was 117. Of that number, 25 were foreclosures and 16 were short sales. Distressed properties made up 35% of the total closed sales for the month.
The trend is heading in the wrong direction from earlier this year. The year started out with a nice declining trend of distressed homes. The March 2012 numbers only contained 17% active/pending distressed properties. As of August 31, 2012, distressed active/pending listings are up to 27%. The ten percent climb in distressed properties is an ominous trend.
Available properties are up 22% since the mid-year inventory fell to 470. There are now 604 active/pending properties in the Winchester, VA market. That overall increase may explain the increase distressed listings, but it is a trend that will need a lot of attention. If you’re in the market for a great house at a discount, the distressed market is a great place to look. It may take a little more patience to buy a short sale or a foreclosure, but the bargain prices make it worth the extra effort. When you’re ready to buy, call your Cornerstone real estate professional, and we will walk you through the process.