Market Statistics – March 2020

Blue Ridge Association of REALTORS® (BRAR)
Market Statistics March 2020

In spite of coronavirus concerns, the overall number of new listings in March for the Blue Ridge Association of REALTORS® service area rose by 30.3%, which was just a slight decrease (2.2%) from the number of new listings taken in March 2019. There was an increase of 12.5% in Pending Sales over February, which was a 5.1% drop from March 2019. Year-to-date, the number of pending sales for 2020 was up 10.3% versus 2019. Closed sales showed an increase of 5.4% from February, an 11.5% jump from March of last year and year-to-date closed sales were up 21.3% from 2019. The total number of Active listings in March was 652. The median sales price was $262,900, which is 5.2% higher than March of 2019. The average length of time on the market dropped to 52 days and the average sale price to the original list price remained strong at 97.3%.

Winchester City saw an increase in the number of new listings by 2.5% over February 2019, which was a 7.9% increase over the number of new listings in March of last year. The number of new pending contracts dropped by 12.8% from February, and was down 2.9% versus March of last year. Year-to-date the number of new pending sales was still up a whopping 38.6% over 2019. Closed sales rose 30.4% from February and were double the number of sales in March of last year. Overall, year-to-date closed sales in Winchester City rose an astounding 46.9% over last year. The median sold price was $200,000 and the average length of time on the market was 62 days. The average list to sold price was 94.5%.

In Frederick County, the number of new listings was up 27.7% over February, but down 18.1% compared to March of last year, still a 2.5% increase year-to-date versus the same time in 2019. The number of new pending contracts is the same as in March 2019, and a 24.4% increase over February. Closed transactions rose 3.8% over February, but dropped 3.5% as compared to March of last year. Year-to-date closed sales were up 6.1% over 2019. The median sold price was $288,250, which is a 13% increase from February and 13.7% more than March of 2019. The average number of days on market 44 and the average sold to list to sale price ratio was 97.5%.

The number of new listings in Clarke County was up 25.9% from February and rose 30.8% from March 2019. Pending sales dropped by 20% from February and was also down by 20% versus March of last year. The number of closed transaction showed an increase of 41% as compared to March of 2019 and year-to-date closed sales are 63.3% above what they were at the same time last year. The median sale price was $328,500 and the average length of time on the market was 51 days. The average sale to list price ratio was 96.4%.

The number of new listings increased in Loudoun County by 46.4% from February and 9.8% versus March of 2019. Pending sales rose 26.4% from February, which was still 5.3% less than in March 2019. Closed sales were up 72.1% over February, a 10.2% increase from March 2019. Overall, year-to-date closed sales have increased by 6.6% versus the same time last year. The median sale price was $534,500 a 5.3% increase over March of last year. The average length of time on the market was 21 days, with an average sale to list price of 100.1%.

Fairfax County saw the number of new listings increase 28.3% from February, which was still 8.4% fewer listings taken than in March of last year. The number of pending sales was down 14.7% from March 2019, but closed transactions increased 57.6% from February and 16.2% over March of 2019. The median sale price was $574,475, an 8.9% increase versus March of last year. The average length of time on the market was 19 days, with an average sale to list ratio of 100.5%.

 

COLONY REALTY OF WINCHESTER – 114 N Cameron St., Winchester, VA 22601

(540) 662-0323; Broker: John S. Scully, IV; Licensed in Virginia and West Virginia.

*All of the information herein is deemed to be reliable but is subject to errors, omissions and withdrawal from the market. All information, regardless of source, should be verified by personal inspection by and/or with the appropriate professional(s). The information is not guaranteed. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes.