Winchester – Frederick County, VA Real Estate Market Report – 11/2016

Winchester – Frederick County, VA Real Estate Market Report – November 2016

Well, there are 11 down and 1 to go. Months, that is. The Winchester – Frederick County, VA real estate market is back in stride after the election slowdown. November still had signs of an election hangover, but like an Alka Seltzer and a good nights sleep, time will cause that hangover  to fad away over the next weeks.

Winchester – Frederick County, VA Real Estate Market: By the numbers

The overall sales for November 2016 (this would be homes contracted in late September, October and early November) were 140. That’s a 10% increase from the same period in 2015. Of that number, Stephens City carried 20% of those sales. Frederick County had 114 sales, and the city of Winchester had 26.

The only lagging number in local real estate sales was the total days on the market. November 2016 showed 109 Winchester - Frederick County, VA Real Estate Market Report - 11/2016average days on the market compared to 64 in 2015. Here again, an election year affects how the market responds to the uncertainty of an election cycle. Mid-term elections have a very small impact on the Winchester – Frederick County, VA real estate market, but presidential elections can have a large impact on the market.

Winchester – Frederick County, VA Real Estate Market: What’s in the numbers?

There were a number of very positive changes in the numbers this November. The average sale price is up $23,008 from 2015. The November average sales price was $268,024, compared to $245,016. Home prices have been steadily climbing in 2016. A recent Real Estate News article on Realtor.com revealed that home prices have surpassed 2006 numbers.

One of the most encouraging numbers is the distressed properties. Distressed properties are short sales and foreclosures (or REOs). The distressed properties in the 2015 November market were 19% of total sales. In the November 2016 market, that number fell to 8%. Eight to nine percent have been an average for most of 2016. The large decline year to year is another great sign that the market is back on track. Mortgage Daily News reports that negative equity is down 24% year to year.

That is a good sign for home sellers. Buyers will pay a little more for homes in 2017, but home sellers who have been treading water for the past 6-8 years are finally going to get a little relief in their ability to sell at a profit.

As noted above, the only negative numbers for November relate to the days on the market, and it is reasonable based on historical facts to pin that increase in days on the market to the election uncertainty. Peering into 2017, the Winchester – Frederick County, VA real estate market looks poised to have a great year.

Winchester – Frederick County, VA Real Estate Market: Get a home-buying-selling advantage in 2017

If you’re a buyer or seller in the in the Winchester – Frederick County, VA real estate market, make sure to call Cornerstone Business Group, Inc. We are your local real estate sales pros.

 

Winchester – Frederick County, VA Real Estate Report – October 2016

The Winchester – Frederick County, VA real estate market had a good October, but it did struggle with one issue. The election. Home buyers and sellers sat home through much of October, but once the election was over, they hit the housing market again.

Winchester – Frederick County, VA Real Estate Market: By the numbers

The 2016 total sales were down 20 homes from 2015. That isn’t significant, but it is a reflection of the 2016 national deep breath that preceded the election. Now that the election is over, buyers and sellers are back in the market.

The Winchester – Frederick County, VA real estate market followed the same pattern during the 2012 election cycle. There was a considerable slowdown in real estate sales in the months leading up to election day, and sales increased to a normal volume immediately following election day.

The total sales for Winchester – Frederick County, VA came in at 141, with Frederick County bringing in 79% of those sales. That is consistent with 2015 with Frederick County matching that number exactly. The City of Winchester is substantially smaller than Frederick County, and the numbers show that.

Winchester – Frederick County, VA Real Estate Market: Good news numbers

The good news in the local market through October 2016 is the number of distressed properties. The overall number has declined all year as the real Winchester - Frederick County, VA Real Estate Report - October 2016estate market improves,. There was a 9% drop from a year ago. That is good news. Only 5 distressed properties were sold in October 2016.

The other numbers that showed improvement were the days on the market and average sales price. The days on the market was 70, a 10 day drop from 2015. The average sales price rose to $250,985. That is a $2784 average change from 2015. It is not a real big difference, but it is a number that is heading in the right direction.

The Winchester – Frederick County, VA real estate market has been showing a steady improvement throughout the year. Both buyers and sellers are taking advantage of the new normal. The statistics for 2016 are setting up 2017 to be a banner year for local real estate.

When you’re ready to buy or sell in the Winchester – Frederick County, VA real estate market, give Cornerstone Business Group, Inc., a call. We are you local real estate sales pros.

Winchester – Frederick County, VA Real Estate Report – October 2016