The Winchester, Virginia real estate market is showing signs of good health. The first quarter of 2013 has had a radical decline in foreclosures and short sales compared to the first quarter 2012. In the 2012 first quarter, 276 properties closed. Of those properties, 50 were short sales and 76 were foreclosures. That means 45.7% of that 2012 first quarter was made up of distressed properties.
The 2013 first quarter is painting a different picture. Of the 271 properties that closed in the first quarter, only 82 were distressed properties. That is only 30% of the overall properties were in that distressed category. Short sales were down 52%, and foreclosures were down 24% in the first quarter.
Another positive note is that of the current available listings of 465 only show 9% distressed properties. There are 26 short sales and 22 foreclosures. This could mean two things for the local market. One, the market is truly rebounding, foreclosures are legitimately dropping and fewer homeowners are having to sell at a short sale. That might also signal that the job market is becoming stable again.
The second thing that the new market could mean is that people who have sat on the fence expecting the short sale and foreclosure market to continue are likely to miss a great opportunity to get a good deal. Sellers are starting to take control of the local market again, and buyers are starting to get involved in bidding wars. Sale prices are closing with smaller percentages +- of list, discounts are fading and the local inventory is shrinking.
The market may be truly recovering, but let’s give it another quarter or two to make sure of that optimistic hope. The current signs all point that way. This might be the year that sanity returns to the real estate market in Winchester, VA.
The Winchester, Virginia real estate market is showing signs of good health.