How is the Winchester – Frederick Co., VA real estate market doing? Third quarter 2016.
How is the Winchester – Frederick Co., VA real estate market doing in the third quarter 2016? That depends on what gets you excited about real estate. The market is basically equal to a year ago. The few minor changes from the third quarter of 2015 and the third quarter of 2016 are minimal, but they are mostly positive changes.
Lateral Movement is Better Than a Decline in the Winchester – Frederick Co. Real Estate
Third quarter sales were down slightly in 2016. There were 498 in 2015 and 482 in 2016. The 3% drop in sales isn’t significant. If that number doubled over the next quarter, it might be something worth watching, but a minor shift like that is not “concern” worry at this point.
July – August home sales tend to bring the market down slightly because there are not as many buyers in the market during the summer months. There are a lot more tire-kickers than other periods in the local market, but there are fewer buyers who feel under pressure to buy a home. Families are on vacation, students are out of school, and people are traveling. All of those affect summer sales.
The Positive News in the Winchester – Frederick Co., Real Estate Market
The more positive numbers year to year are also minor changes, but they are numbers that are trending up. The numbers of distressed property sales are down 2% year to year. The local monthly average of distressed sales in the Winchester – Frederick Co., VA real estate market has trended down from the beginning of 2016. The first six months averaged 9% distressed properties, but the third quarter has moved to 8%. Here again, that’s not significant, but the trend is moving the right way.
Small, but encouraging numbers in the Winchester – Frederick Co., real estate market.
Another small but encouraging change has been in days on the market. The average days on the market for the third quarter was 59 which is a slight change from 64 in 2015. The biggest change has been in the average sales price. The average sales price for the third quarter of 2016 was $268783. That number was $255,481 in 2015.
You can see that the Winchester – Frederick Co., VA real estate market has reached point where changes, even small changes, are more positive than negative. The trend in the current market has returned to a healthy slowly moving upward trend. The 2003-2008 real estate market shot up like a rocket and passed the point of balance in value. That caused that market to be ripe for a downturn, and when it fell, it fell faster than it ascended.
The current market is making a slow steady rise. Healthy markets move in that pattern. For both buyers and sellers, the Winchester – Frederick Co., VA real estate market has reached a point of equilibrium that can protect both groups. When you’re ready to buy or sell in the Winchester – Frederick Co., VA real estate market, give Mike Cooper, your local real estate sales pro a call.