First things first , these stats will improve as brokers update closing info from the end of Jan 2013.
Home sales are off to a great start in 2013 here in the Williamsburg VA area. .We’ve seen an unseasonably high level of activity in the Williamsburg, VA area. ( James City County, City of Williamsburg and Upper York County) since the beginning of the year.
But buyers are having a tough time finding good quality homes to purchase. This is causing prices to rise. Median home prices were up 18.79% compared to a year ago, which is a continuation of a trend we have seen for several months now. If you’ve been thinking of selling, now may be a great time!
Here are some of the highlights of the Jan 2013 real estate market statistics for Williamsburg
* Closed sales are up almost 26.92%. We’ve sold 66 homes through the end of January 2013 as compared to 52 in January 2012.
* Pending sales are up almost 22% !.
* The median list price is up 4% from $287,000 to $299,000
* The median sales price is up 18.79% from $243,000 to $289,250.
* Homeowners are getting an average of 96.75% of list price when they sell. ( so a home listed at $100k is selling for $96,750)
* The number of days a home spends on the market is down from 81 to 78.
* Number of homes for sale: We only have 728 homes for sale ( a 20% reduction from last year) giving us 7.62 months of inventory on the market (down from 11.69 months of supply in Jan 2012).
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..
Psst.I’m a real estate agent.
This post was authored by local resident and REALTOR, John Womeldorf. John is 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.
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