Winchester, VA Real Estate Market: 1st Six Months 2014

Winchester, VA Real Estate Market: 1st Six Months 2014

The Winchester, Virginia real estate market is shifting away from distressed properties to fair market sales, and that’s good news for home sellers. Distressed sales dropped 42% from 2013. The first six months of 2014 did show a 6% decline in total sales from the same period in 2013, but that may be attributed to the extreme weather of the first quarter of 2014.

The total sales for the first six months of 2014 totaled 682 with 15% distressed Market Update 1st 6 Months 2014sales. The 2013 sales were 723 with 25% distressed sales. Short sales saw the biggest decline with a 39% drop from the previous year. Foreclosures fell 32% in 2014. The reduction in distressed sales will help the market gain value lost in the recession of 2008.

The trend is becoming favorable for sellers, but there is another twist to this market story. The local inventory is high at 742 available listings. A more robust market would have an inventory in the 535-575 range. That provides enough options for buyers without overwhelming the market. 

The improvements in the local economy have helped sellers who sat on the sidelines since 2008 get in the game. Many homeowners were waiting for market prices to catch up with their current mortgage debt. It has taken six years from the market collapse to see sufficient improvements in local housing prices for many sellers to “be able” to sell. 

The reduction in overall distressed sales may be the best indicator of current market health. If inventories decline in the immediate future, sellers will be able to demand higher selling prices. For now, they have a lot of competition, but at least homes are selling, and that’s a great relief for all. 

Winchester, VA Real Estate Market: 1st Six Months 2014

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