The Winchester, VA real estate market continues to evolve in the new economy. Overall sales have increased 13% from the same period in 2014, and distressed property sales were down 3%. The available inventory has also retreated from 2014. Local available listings came in at 650. That number is still slightly above an aggressive seller’s market, but it is within reach of equilibrium between buyers and sellers.
The interesting numbers between 2014 and 2015 are the percentages of distressed properties. At the end of the first quarter of 2014, sales were 266, short sales 4% and foreclosures 15%. The same quarter of 2015 showed 307 sales, 4% were short sales and 13% were foreclosures. A negligible difference year to year.
The average price of homes sold in the first quarter moved up 4% from $222,721 to $230,980. The average overall days on the market did increase 21% from 77 to 98. That’s a good indicator of the increase in inventory which began in July 2014. That increase continues to keep properties on the market longer because buyers have more options and assume they have more time to search.
Is the Winchester, VA real estate market healthy? I would prefer to say it is healthier than it has been since the market collapse in 2008. The changes from 2014 to 2015 are small, but they are moving in the right direction. Sellers may have to adjust their expectations down a small amount, and buyers may need to expect to pay a little more than in years past, but overall, the market is grasping for a period of equilibrium. That can be pretty rare in any market.