AUGUST 2008: ROGER LAMBORNE'S REAL ESTATE TREND INDICATORS & SUMMARY OF VIRGINIA REAL ESTATE MARKET ACTIVITY FOR: Winchester and the combined Counties of Clarke, Frederick and Warren in the Northern Shenandoah Valley, which is the general geographic market area for the Blue Ridge Association of Realtors based in Winchester, Va.
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 county or zip code.
AVAILABLE HOMES: The number of homes currently on the market in the region decreased slightly in August 2008 from 2164 to 2042 units for sale.
NEW LISTINGS: New listings dropped dramatically from 456 in July to 310 homes added in August.
NEW CONTRACTS: The number of homes that went under contract (pending sales) in the region increased from 165 sales in July to 193 sales in August. There is still about 15+ months worth of inventory to sell off.
SOLDS: The number of homes that closed decreased in August 2008 to 151 sold homes in the region compared to 155 sales in July 2008….down by 5.03% from August of 2007. The total dollar volume of all residential sales also dropped by a significant 31.84% from August 2007 to $33,739,224 in August 2008.
Regionally, 46 of the sales were in the 150,000-199,999 price range, 29 sold in the $200,000-249,999 range and 23 sold between $250,000-299,999 range. There was no sales above $800,000.
Other comparisons between August 2008 and August 2007 shows:
The median sold price of homes again plunged by 27.33% to $201,439. The average sold price declined by 28.23% to $223,439.
The number of days homes are staying on the market (DOM) increased again to 138 days, or 8.66% longer then August 2007. The DOM also increased over the 133 days posted for July 2008.
Sellers are getting a smaller share of their listed price. The average SOLD price as a percentage of the average LISTED price dropped again from 93.50% to for the same month in 2007 to 88.92% this past month. It also decreased from July 2008.
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. The information is deemed reliable, but is not guaranteed.
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 real estate, marketing & sales, construction and business management & is licensed in Virginia & West Virginia as an Associate Broker of MarketPlace Realty. 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 Vice President and 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.
