Winchester, VA Third Quarter Real Estate Market Report

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119
http://actvra.in/45nW

The Winchester, VA real estate market had a good summer with 411 sales over that third quarter, but there is a disturbing trend in those numbers. Distressed properties have been a steady decline since late 2012, but the percentage of distressed properties in the third quarter rose to 20%.

That is the highest percentage in 2013. It wouldn't be so concerning if that trend was heavy on the short sale side, but it's actually weighted on the foreclosure side. Short sales made up 9% of the total 3rd quarter sales, and foreclosures made up 11% of the sales. 

Foreclosures have been a steady decline for nearly a year. National statistics of homeowners who are late on their mortgages fell to 1.91% in 2012. That is down from 3.83% in 2009. That looks like a good trend, but the percentage in a healthy economy is still below 1%. There is still ground to be made up since the market collapse in 2008.

The Winchester, VA real estate market is still improving. Another quarter should reveal if the distressed property increase is a trend or a blimp on the horizon. Stay tuned for the fourth quarter.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Active Rain Newbies
Dedicated Bloggers
"Whacked"!!!
Addicted to Active Rain
Bananatude
Tags:
winchester
va real estate third quarter

Spam prevention
Show All Comments
Ambassador
1,413,667
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Good morning Mike.  You have provided some great information on the third quarter real estate market in Winchester VA.  Can you believe we are facing the fourth quarter already?  Time is flying by!

Oct 12, 2013 01:20 AM #1
Rainmaker
2,258,817
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Mike,  Great information for people in your area,  I will that forecloses are coming down.  Have a great day!

Oct 12, 2013 02:03 AM #2
Ambassador
2,478,036
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Mike - That is an interesting blip - like many other areas, the distressed property percentage has been steadily declining here, so that would get my attention as well. But the good news is that it's happening in an improving market. Have great weekend.

Oct 12, 2013 02:09 AM #3
Rainer
323,810
Scott Larson
BHHS/Utah Properties - Park City, UT
Park City, Utah Real Estate News

Nice update Mike, I hope the uptick in distressed numbers is only a blip, we have been declining steadily for years here in our distressed inventory and it now represents about 2% of listings and under 5% of sold properties.

Oct 12, 2013 02:42 AM #4
Rainmaker
2,154,193
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Time will tell lets hope it is not a trend but as you put it just a blimp.

Oct 12, 2013 08:43 PM #5
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Mike.  The market continues to heal.

Oct 12, 2013 09:52 PM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,256,576

Mike Cooper

Your Winchester, VA Real Estate Sales Pro
Winchester has a place for you! Call me.
*
*
*
*
Spam prevention

Additional Information