The Williamsburg Area Association of Realtors has released a report comparing lockbox access over the last two years, which is a pretty good indicator of Williamsburg, VA, real estate trends.
Activity for the first half of 2015 was higher than the same period in 2014, but the end of this year shows slightly lower activity than the same period last year. That is good news for the Williamsburg, Virginia, real estate market. Although it sounds like the market is trending downward, it is actually indicative of a faster moving market. In 2014, lockbox access and showings were all over the place. Up for a couple of months, then down, then back up. Activity was up significantly in December 2014 over 2013, then began to increase steadily in January of 2015 and climbed through April, which is historically a very busy month for Williamsburg real estate sales. In May, activity slowed slightly from the previous month, but with activity remaining up over May and June of 2014. July 2015 showed the first decrease in showing activity over the previous year, then the autumn brought a more significant decrease in showings, moving slightly lower in October and November than in 2014. This decrease is likely due to the decrease in inventory and market time as compared to 2014.
Fewer properties on the market for fewer days means that while overall showings decreased, showings per property have likely increased as the local real estate market has shifted and properties are selling more quickly than in the last several years. For sellers, this means less time to keep the house ready to show. If you have been thinking about selling your home, it is a great time to make your move! For buyers, it means less time to make a decision, or another buyer may beat you to the table with an offer. If you are considering a purchase, don’t delay, as inventory is falling, prices are inching up, and interest rates are expected to rise.
This post was authored by local REALTOR John Womeldorf, known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/Hampton Roads area and his expertise in the local real estate market. I would love to help you find your dream home in the area or sell your existing home! You can text or call me at 757-254-8136 or email John@MrWilliamsburg.com.
I look forward to serving your real estate needs!