Winchester-Frederick County, VA Mid-Year Real Estate Report - 2017

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

Winchester-Frederick County, VA Mid-Year Real Estate Report - 2017

Up Numbers

The Winchester-Frederick County, VA mid-year real estate market continues to shine. Some numbers are up and some are down, but they're all good. That is welcome news for buyers, sellers and homeowners in general. The total number of sales in the Winchester-Frederick County, VA mid-year real estate market was 840 compared to 806 in 2016. That is not a major change, but it is a number heading in the right direction. It is consistent with the national average of 6% appreciation.

The one number that is the most impressive is the average sale price. The 2017 mid-year sales price average was $265,500 while 2016 was $255,034. Winchester-Frederick County, VA Mid-Year Real Estate Report - 2017The same period in 2015 was $242,578. That's a nice consistent progression over the past three years, but the big change is when you look back five years. In 2012, the average sales price for the first six months of 2012 was $209,049. That is a 21% increase over five years. That's impressive.

Winchester-Frederick County, VA Mid-Year Real Estate: Down Numbers

Another number that is down in the Winchester-Frederick County, VA mid-year report is the days on the market. The days on the market has remained fairly consistent over the past 5 years. The days on the market in 2012 was 87, 85 in 2015, 81 in 2016, but 2017 was down to 63 days. That is a 22% drop between 2016 and 2017. The good news for sellers is that their homes sit on the market fewer days and the sale price is higher.

Another stunning number that is also down is the percentage of distressed properties (short sales and foreclosures). The Winchester-Frederick County, VA distressed property average for the first six months of 2017 was 6%. Foreclosures made up 4.4% and short sales added 1.6%. Here again, historical comparisons show how far the market has come since the recession. The percentage of distressed properties in 2012 was 39%. In 2012, 14% of mid-year sales were short sales and 25% were foreclosures. A 33% improvement is seen in the increase in home prices from 2012 to 2017. The fewer distressed properties on the market means that home values are stable and selling at true market value.

With low-interest rates and a moderate number of homes on the Winchester-Frederick County, VA real estate market, sellers have the upper hand. That can be fragile because a run up in available properties could reverse that benefit in favor of buyers overnight. It happened in July of 2014. But, for now, sellers are in charge of the local real estate market.

When you're ready to buy or sell in the Winchester-Frederick County, VA real estate market, give the local real estate pros at Cornerstone Business Group, Inc., a call. Let's talk and make something great happen.

 

This post was originally posted at www.winchestervarealestate.com: Winchester-Frederick County, VA Mid-Year Real Estate Report - 2017 #mikecoopersellshomes, #cornerstonehomesales, #winchesterhomesales, #yourlocalrealestatesalespros.

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is great information to share with families moving to the area.

Jul 06, 2017 10:36 AM #1
Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Excellent real estate statistical information for home buyers and sellers in the Winchester, Frederick County, Virginia marketplace, Mike!

Jul 06, 2017 12:47 PM #2
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Rainmaker
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Mike Cooper, GRI

Your Neighborhood Real Estate Sales Pro
Winchester has a place for you! Call me.
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