MAY 2009 WINCHESTER REGION HOUSING REPORT: May's headline: WHAT HAPPENED TO THE RISING HOUSING MARKET?
May's sales figures reveal that the three months of positive numbers may have been a mirage. All indicators except 2 showed significant declines in May. The bright spots continue to be the lower price ranges under $250,000 that are popular with first time home buyers utilizing the $8000 in government tax rebates. Buyers are using the funds for FHA closing costs, extra down payments or just for planned tax refunds scheduled next year. The market remains stagnant for homes selling above $300,000 and sales are non-existent for homes price above $800,000. 64% of May's sales were under $199,999.
Roger Lamborne's May 2009 real estate trend indicators & summary of Virginia real estate market activity for the combined areas of the City of Winchester and the Counties of Clarke, (Berryville) Frederick (Stephens City)and Warren (Front Royal) in the Northern Shenandoah Valley. This is the general geographic market area covered by REALTOR members of the Blue Ridge Association of Realtors based in Winchester, Va. See below if you want detailed reports.
AVAILABLE HOMES: The number of homes currently on the market in the region is down slightly to 1536 units.
AVERAGE DAYS ON THE MARKET (DOM) Decreased slightly to 146 days.
NEW LISTINGS: 324 new listings were added to the inventory…down slightly.
PENDING SALES: The number of homes that went under contract (pending sales) in the region went down by 13.4% to 188 units.
SOLDS: The number of homes that closed was down to 140 units, ending a 3 month upward streak.
PRICE RANGES AND NUMBER OF SALES: 64% of the sales were under $200,000.
62 of the 140 sold homes took more than 120 days to sell.
MAY 2009 COMPARED TO MAY 2008:
Average Sold Price: The average sold price declined by 29.6% to $187,833
Median Sold Price: The median sold price of homes in the region dropped 32.55% to $158,500.
Total sales dollars for the month: Decreased 17.18% to $26,296,555.
Sold Price Percentage: The average SOLD price as a percentage of the average LISTED price decreased slightly to 87.5% but it was higher than April 2009….indicating that sellers are holding closer to their listed prices. These numbers get skewed lower due to the large numbers of foreclosures.
The annual year end 2008 report is available and generally shows declines in all categories from 2007. Call if you'd like copies of the annual reports. Many reports are also available in graph form. This Real Estate Trend Indicator Summary has been compiled from data generated by the Realtors® MLS System/MRIS for Clarke, Frederick & Warren Counties and the City of Winchester, Va combined. Only residential properties were included. The information is deemed reliable, but is not guaranteed. Send Roger Lamborne an email if you'd like a detailed copy of the current month's reports on the areas around Winchester Virginia. Email: roger@lamborne.com. We can also pull info for you by region, county or by zip code.
ZIP Codes: 22601, 22602, 22603, 22611, 22625, 22630, 22637, 22645, 22655, etc) Approximate Location Boundaries: Northern Shenandoah Valley, Clarke, Frederick, Warren, City of Winchester, Eastern Panhandle of West Virginia
Location Characteristics: Consisting of rolling hills and valleys running north/south between the Blue Ridge Mountains on the east & the higher Great North Mountain range on the west, the Shenandoah Valley generally runs from north to south from Harpers Ferry WV up the forks of the Shenanodah River. The valley is traversed by old Route 11, "the Great Wagon Road" that settlers used to migrate from eastern Pa, though Virginia to the Carolinas and TN.
This former Indian path formed the main migration route from the north beginning in the early 1700's. Now bisected by I-81, the Shenandoah Valley and the Winchester region is a thriving retail, commercial and light industrial crossroads with an active residential market and excellent schools, police and fire services.
About The Shenandoah Valley Home Team:
Roger Lamborne has 43 years of experience in real estate marketing & sales, construction and business management, He is licensed in Virginia & West Virginia as an Associate Broker affliated with MarketPlace Realty in historic old town Winchester. Roger is a REALTOR and an Accredited Buyer's Representative (ABR) & has been honored as the 2004 REALTOR of the Year selected from among almost 900 Virginia licensed Keller Williams Agents. He has also been inducted into the HALL OF FAME by the Blue Ridge Association of Realtors and has been recognized as a "TOP PRODUCER" by both the Blue Ridge and the Dulles Area Associations of Realtors. Active in his community, Roger is an ardent supporter of many non-profit orgainziations including the Winchester Shelter for Abused Women, Shenandoah University, Civitan, Kiwanis and Rotary fundraisers, and the North Mountain Fire Company. He is currently the 2009 President Elect and a Member of the Board of Directors of the Blue Ridge Association of Realtors and he is a former member of the Dulles Area Association Board of Directors.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
