Winchester, VA Real Estate Market – January 2016
February 26th, 2016 at 9:34 am by Mike Cooper
The Winchester, VA real estate market cleared a huge hurdle in January 2016. The number of distressed properties fell to 5% of the total market sales for the the month. That may sound like a lot, but that is more of an average number across the wide Winchester, VA real estate market.
The total number of distressed sales (short sales and foreclosures) in January2015 were 18%. A drop to 5% year to year is incredible. There were no disclosed short sales in the local market according to January 2016 MLS record. Foreclosures made up the full 5% (4) for the month.
The low level of distressed properties may be bad news for bargain hunters and house flippers, but it is great news for home sellers and buyers. Home sellers can anticipate more consistent prices and less volatility, and home buyers can expect better appraisals and home values on the purchases they are making.
There were 81 properties sold in the Winchester, VA real estate market in January 2016. The average sale price for a single family home was $247600, and the average days on the market was 74. Days on the market has crept up slightly over the past 18 months, but it hasn’t entered into an area of concern. A boost in the number of available homes in July of 2014 carried through until the Winter of 2015. The number of available properties extended the length of time a home sat on the market.
Today, the number of available homes has returned to the pre-July 2014 numbers (518). The lower inventory will likely spur more aggressive buying in the immediate future. A recent RealtyTrac study revealed that October was the best month to buy a home. It was followed by February, December and January.
Now is the time to get that house on the market folks. When you’re ready to sell, or buy, make sure to call your Cornerstone Business Group, Inc., agent because we are you local real estate sales pros.
Winchester, VA real estate market in January 2016