The Front Royal, VA real estate market had a slight pullback in June 2015 fromthe previous month. The drop in sales was 6.5% which sounds significant until you realize it was only 3 less homes sold month to month. June home sales were 43, while May was 46.
The market shows higher distressed property sales compared to its northern neighbors in Winchester / Frederick County. VA. The June distressed sales (short sales and foreclosures) made up 16.3% (4/3) of total sales. May distressed sales were up slightly at 17.4% (2/6). The low number of overall sales make the distressed property sales less significant.
The Front Royal, VA real estate market appears to be creeping along on its own recovery schedule. The June 2015 sales were up 25% from April 2015 but the 6.5% pullback from May 2015 shows a sluggish market that is moving more horizontal than vertical. The next six months will help determine if Front Royal has truly turned the recovery corner or if it is still suffering from the September 2008 real estate market blues.
The June 2015 Stephens City, VA real estate market had a 43% jump in salesover May 2015. That’s a great sign of a growing and healthy change in the market. Short sales and foreclosures were consistent with the rest of Frederick County, VA at 9%. The area distressed sales have stayed a constant 9% for the entire first six months of 2015.
The sales were made up of 10 townhouses, 19 ranch houses and 34 colonial homes. Three other sales fell into the “other” category. The average selling price was $274953, while the highest was $450298. The average days on the market was 49.
Stephens City, VA is a strategically place community on the southern end of Winchester, VA. It is close to Rt 66, Interstate 81, Route 522 South, Route 340 into Clarke County, Route 37 and Route 11 North and South. It’s the perfect place for a commuter to live. A typical drive into the DC area is about one hour. Winchester, VA is 5-10 minutes away.
The community is made of a population of approximately 1899 people with 43.4% of those being male and 56.6 female. The median age is 34.9 which is lower than the state average. Median income is $54,717. With its easy access to multiple highways both north/south and east/west, it’s a logical place to live for those who like the small community feel but want quick access to other larger city offerings.
Stephens City, VA Real Estate Market Update – June 2015
The June 2015 real estate market in Winchester, VA continued to show growthand stability. There was a 35% increase in homes sold in June over May 2015. That’s substantial since May was 17% higher than April 2015. Distressed properties stayed at 9% for the month.
The total value of original list prices for properties sold in June was $62,782,340. The value of sold properties was $60,158,1000. That’s a 4% difference from list to sold. That number is slightly higher than May 2015. May was only 2% of original list to sold. That increase is not significant enough to warrant concern at this point. A significant decrease from original list price to sold price can hint of a coming buyer’s market. Properties sit longer pushing prices down while attracting more buyers into the market. It can also mean that property prices were simply a little more optimistic at the time of their list than the market could bear.
Another positive number from the June 2015 market is days on the market. June average days on the market were 59. May 2015 was 64. Here again, the change is not significant enough to demonstrate a major change, but anytime days on the market show a decline that can represent a number of things. One, homes are being priced well for the current market. Two, there are sufficient buyer’s entering the market to push inventory lower. Both add to a healthy market.
Winchester, VA Real Estate Market Update – June 2015
The Winchester, VA real estate market has made a steady climb during the first six months of 2015. The lowest number of sales were during the months of January and February which had cold and messy conditions.
The first sign of Spring brought buyers into the market with a 28% jump in real estate sales in March. April made a minor jump of less than 1%, but another substantial jump took place in May at 18%. The largest jump took place in June at 35%. That’s the kind of change the Winchester, VA real estate market has been looking for.
Distressed sales continued to average 9% throughout the first half of 2015. That’s good news for sellers, but it is less exciting for bargain hunters. There are bargains still factored into the local market, but they are becoming less likely to be from distressed sales and more likely to be from individual opportunities through individual sellers.
I’ve been hesitant to say the market has turned around and it is healthy again, but I think at this point, I can safely say all current data is finally pointing in that direction. If the trend continues, both buyers and sellers have reason to enter the market with positive results in mind. It has been a long slow slog from September 2008, but brighter days appear to be ahead.
Winchester, VA First Six Months Real Estate Market Report – 2015