The 2012 numbers are in and it's official. The Winchester, VA real estate market is improving. During the tenuous days of 2012, it was difficult at times to know which way things were heading, but the raw data now clears that up for us. The market is heading up!
The completed real estate transactions for 2012 came in at 1333. That's a 4.8% increase from 2011. Of that number, 180 closings were short sales and 273 were foreclosures. Short sales were up from 2011 by 6%, but foreclosures showed an adverse relationship. The 2012 foreclosure rate was down 27%. That's good news for the market overall. The absence of foreclosures may signal that the worst is over.
There were 375 properties sold as foreclosures in 2011. The market was still feeling the impact of the market collapse of 2008, and the economic recovery was moving at a snail's pace if it was moving at all.
The overall distressed property sales of 2012 were 33% of the total sales. There was a 17% drop in overall distressed sales from the previous 2011 number. Even though there has been a 6% increase in short sales in 2012, the overall numbers signal a new trend toward fair market sales and away from distressed sales. Fair market sales climbed 17% in 2012. The move toward fair market sales is a good trend to see on the horizon.