Winchester-Frederick County, VA Real Estate Market Update – July 2016

Winchester-Frederick County, VA Real Estate Market Update – July 2016

The Winchester-Frederick County, VA real estate market update for July 2016 has a lot of good news for home buyers and sellers. In the previous two years, July has seen a drop of 34% from June of those same years. The 2016 Winchester-Frederick County, VA real estate market also had a drop. This time, it was only down 7%.

The local market has dropped in July for the past four years. Why would that happen? Think about what July means to the average family. July is vacation month. July closings are typically generated in late May through the month of June. In the middle of May, schools start to close for the summer break. Colleges are out and families are busy with family events and activities.

What changes the July Winchester-Frederick County, VA real estate market?

The month of July concludes the lion’s share of  family travel and summer adventures. August returns to the awareness that school is about to start, so families are shopping for new clothes, school supplies and accessories. College students are preparing to head back to their campuses. Late June and July home sales set the market back on its course for August and September closings.

In July 2016, the Winchester-Frederick County, VA real estate market had 157 sales. The 7% decline isn’t significant. It’s actually good news based upon the average decline from June to July of 2014-2015, but the best news is the number of distressed property sales. The average for the first six months of 2016 was 9% locally. July 2016 had only 6%. There were an equal number of foreclosures as there were short sales. Each distressed property group had 3%.

There is still more good news.

That’s amazing news. The local average of distressed properties before the recession of 2008 was about 9%. The Winchester-Frederick County, VA real estate market hasn’t seen numbers this good in a long time. Another great number for July was the average sales price. Prices averaged $280,223 as compared to a July 2015 average price of $242,616. The July average sales price is good news for sellers who have sat on the sidelines waiting for an improvement in sales prices.

One number that is consistent in the Winchester-Frederick County, VA real estate Winchester-Frederick County, VA Real Estate Market Update - July 2016market is the Days on the Market. From July 2013 until the current report, the days on the market have stayed between 56 – 74. July 2016 was 61. There is no significant change in the DOM.

July 2016 has set the late summer and fall up for an exceptional real estate market. Sales are strong, DOM is steady, distressed properties are down and the average sales price is up. It’s time to get in the game in the Winchester-Frederick County, VA real estate market. It doesn’t matter if you’re a buyer or a seller, when you’re ready to take advantage of the healthy and steady Winchester-Frederick County, VA real estate market, make sure to give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros, and we can help you navigate the local real estate market with ease.

Winchester-Frederick County, VA Real Estate Market Update – July 2016

www.wincheservarealestate is the offical blogsite for Cornerstone Business Group, Inc.,#mikecoopersellshomes, #cornerstonehomesales, #winchesterhomesales, #yourlocalrealestatesalespros

 

 

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