The Winchester, VA real estate market saw a pullback in July 2015, but it’smore of a seasonal adjustment than a confirmed trend. The total sales in July were 161 compared to 233 in June 2015. That’s a 30% decline in sales. In comparison, July 2014 had 117 sales while June 2014 had 187. That was a 37% decline in sales. July 2013 also saw a 7% decline in sales.
The summer season is tricky for home sales. Families are vacationing, traveling and getting in all of the summer fun they can before schools begin again in August. The volume of buyers in the market declines temporarily while families spend their time doing summer activities.
The 37% decline in July 2014 sales was aided by to a high volume of new homes entering the market. A strong market in the Winchester / Frederick County, VA area is approximately 550 – 600 available properties. The July 2014 available homes increased into the high 700s. That number has declined slightly, but it continues to be in the lower 700s in 2015. The market has adjusted to absorb the volume, but it has caused an increase in days on the market. More options decrease a sense of urgency with buyers.
The July 2013 days on the market was 56. The increase in available properties pushed that number up to 74 in 2014. Now that the market has adjusted to the increased volume of available homes, that number has fallen to 59. It’s still above 2013 by 5%. Sales over that same period are up 13%. The 2014 July sales dropped 16% over July 2013 due to the increase in inventory, but the 2015 sales have moved up 27% over the 2014 sales. The adjustment for inventory is seen in that number.
The seasonal volatility is a common feature in the summer market. The movement back to a stable market is typically seen once schools are open and students are back to the books.