Winchester – Frederick County, VA Real Estate Sales – December 2016
The Winchester – Frederick County, VA real estate market showed continued growth
and stability in December 2016. Real estate sales were up 13.75% over the same period in 2015. Total sales for December 2016 were 155.
Of that number, Frederick County had 124, or 80%, of the sales and Winchester City had 31. During the same period in 2015, sales were at 135. Frederick County had 120, or 89%, and Winchester City had 15.
Dollars and cents
The Winchester City sales ranged from a low of $37,500 to a high of $789,900. The overall average for the city was $265,855. The county fared a little better with a low of $79,900 to a high of $720,000. The average was $278,609. The Winchester City average home was a 3 bedroom 2 bath home. The Frederick County average was 3 bedrooms and 3 bathrooms.
Days on the market
The average days on the market for the city was 64, while the county was 82. The city always has fewer home available. The limited number encourages a more robust turnover of turnaround time on listings. The county is the larger of the two market areas, and it also has a longer turnaround time due to the volume of available properties.
In the Winchester – Frederick County, VA real estate market, a market of 500 – 550 available homes is a rapid moving market with more competitive home pricing. When the number of available homes climbs higher, such as in July of 2014 where the market reached 780+ homes, the market tends to slow down and competitive bidding and multi-contract offers decline. Days on the market will increase under those condition where it will decline when there is limited available properties.
Distressed properties continue to decline in the Winchester – Frederick County, VA real estate market
The number of distressed properties declined in December 2016. The yearly average had stayed steady at 9% throughout much of 2016, but the December number fell to 5%. There were only 3 short sales over both markets, and there were 5 foreclosures. That number is significant when you look at it in light of 2015. Distressed properties made up 18% of the December market in 2015. Foreclosures and short sales were three times that of December 2016.
The overall health and stability of the real estate market continues to show solid improvements as the market enters 2017. When you’re ready to buy or sell in the Winchester – Frederick County, VA real estate market, make sure to call Mike Cooper at Cornerstone Business Group, Inc. Cornerstone is your local real estate sales pros.