Winchester, VA Mid-year Real Estate Market Update – 2016
The Winchester, VA mid-year real estate market update for 2016 reveals that the local market has reached a level of equilibrium and good health. With few exceptions, the first six months of 2016 have mimicked the real estate market of 2015. June 2016 is the only month with considerably lower sales as compared to June 2015.
Distressed property sales have stayed consistent in the 9% range for most of the first six months. That’s a 4% decline from the 2015 first six month report. The volume of homes sold during the first six months was 791, a 4% drop from the same period in 2015.
Frederick County Continues to dominate the volume of sales
The Winchester, VA real estate market is made of Winchester City and Frederick County. Frederick County encircles the City of Winchester and has a high population and housing volume. It also has the highest volume of sales in the local real estate market. Stephens City, VA continues to dominate the highest volume of sales in a named Frederick County community. Stephens City has consistently increased sales throughout 2016. It has 202 of the 791 total local sales in this Winchester, VA mid-year real estate market update.
Averages and Days on the Market
The average sales price for the Winchester, VA mid-year real estate market was $254,986, and the average total days on the market was 82. Many things contribute to the total days on the market, such as, weather, volume of available homes, price, location of available homes, condition, along with a few other things.
Higher days on the market is not necessarily an indicator that a property is flawed in some way. High inventory can cause properties to sit longer than in previous months. A high volume of similar properties priced around the same price point can also keep properties on the market longer. When buyers have more choices, they may take longer to decide on a property to purchase.
The past three years have followed similar patterns. In July 2014 and 2015, the overall sales volume dropped 34% from June. In a case like that, it is easy to see why the market would take such a dive in one month. Buyers are vacationing and busy with family activities. Parents are looking for housing in other communities for their college bound students.
Many things play into a drop like that, but both 2014 and 2015 were followed with solid sales in August and beyond. If this year follows a similar dip in July, it would be good to remember the past few years, and avoid the temptation to panic. Real estate is cyclical, and it appears that the Winchester, VA real estate market has reached equilibrium and good health.