Like Spring that is just around the corner, a new revitalized real estate market is emerging in the area. The Winchester, VA real estate market is getting a face-lift. The number of active fair market listings in the Winchester / Frederick County area total 394. When short sales and foreclosures are included in the active listings, the total listings come in at 480.
The number of short sale and foreclosure listings currently on the Winchester / Frederick County market make up 18.8%. That's down from 20% in January-February 2012. Of that number, Frederick County has 13% of the distressed active listings. Frederick County is much larger in overall volume of residential real estate. So, it stands to reason that it would have the higher number of distressed listings.
There is an inverse relation with short sales in the city of Winchester. Winchester has 8 short sales currently active. It only holds 3 REOs. Frederick County shows a greater number of short sales than REOs. Current active short sales in Frederick county make up 59% of total distressed listings. Foreclosures make up the remaining 41% of distressed properties.
As foreclosures decline throughout much of the country, it would be easy to assume that short sales will increase. The Winchester / Frederick County area is mixed, but it is coming in line with that assumption. That may mean that short sales are moving into the slot that foreclosures held just a few months ago.
Even with the short sales and foreclosures switching places, the overall number of distressed properties in Winchester / Frederick County is seeing a slow but steady decline in distressed properties. Fair market listings are beginning to see a continuous increase in overall listings. That fact alone, can bring a certain sense of price stability to the local market.
The sun is shining on the Winchester, VA real estate market. It's a good time to buy, and it's a good time to sell. As the fair market listings increase, sellers can find some comfort that maybe, just maybe, we've finally hit bottom and we're beginning to bounce back to a new norm of value stability.