With the passing of the 4th of July it’s time to take a look back and see how the Williamsburg VA real estate market has fared so far this year.. It always takes a while for all sales/contracts to get recorded so these numbers are best reviewed after the 10th of the month.
I work both in Williamsburg VA and the greater Hampton Roads area. So the stats below are all reflective of the Williamsburg VA market . ( 23185,23188, 23168 zip codes) this incudes the City of Williamsburg, James City County and upper York County.
The chart below show a year-over-year comparison for January through June for each year from 2009 through 2013. What do we see?
Total number of home sales in Williamsburg in the first half of 2013 was 680 homes. ( an almost 30 percent increase over 2012 and a whopping 51% increase over 2011.
Despite low inventory, this is the most homes sold in Williamsburg in the first half of the year since 2004. (Note to Sellers – It’s a GREAT time to sell. Low inventory puts YOU in the driver’s seat!).
Median Sale Prices Going Up The median price of homes sold locally in Williamsburg Va in June edged up about 6.27 percent compared to those sold during the same period last year, according to the latest statistics from the region’s Realtors’ association. Prices are up from $296k to $315k.
Months Supply of Home Inventory Decreases
The total housing inventory at the end of June 2013 decreased by 13.89% to 862 existing homes available for sale. In June of 2012 we had a 12 month inventory of homes. That number has dropped to 8.04 months worth of inventory in June 2013.( A 32% drop since 2012)
That number is even lower in some neighborhood markets swinging things back to a seller market in some instances.
( Six months supply is considered a balanced market) less than that and it’s a sellers market. This number can also be skewed by a large number of proposed construction homes as well.
Days on market continues to drop, over 10% to 73 days.
The median asked-to-sold ratio is 98.42%, up from 96.83% in June of last year. So if a home is listed for $100k its selling for $98,420 on average.
Click here for real time stats
Psst—–I’m a real estate agent.
What does this mean for you? Well, we’ve had a strong market this year with steady home values and an increase in market activity. If you’re thinking of selling anytime soon, consider going on the market to take advantage of the increased number of buyers, list prices, sales prices, and fewer days on the market before sale..
If you’re a buyer, its not too late to get a deal. Prices are still well below the peak of 2007/2008. Interest rates have increased but are still in the 4%+ range , they will be increasing. A year or two from now you will be saying why didn’t I act back then.
Connect with me John@MrWilliamsburg.com to see how I can help…
Home Buyers-I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.
I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!
Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.
Home Sellers-If you’re a seller who has been wondering if it might finally be time to sell, email John@MrWilliamsburg.com I would be happy to meet to see if now is the time to sell. – you just might be pleasantly surprised.