What a difference a year makes ! The real estate market has come roaring back in Williamsburg. Sales in February 2013 were up a whopping 63% over Feb 2011 and 40% over Feb 2011. Or company (Liz Moore and Associates) enjoyed its best month ever in business after almost 10 years in business !
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. If you’ve been thinking of selling, now may be a great time!
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.
Pending sales of homes. (under contract properties) are up almost 60% over 2011 and 11.4% over Feb 2012
Months Supply of Home Inventory Decreases
The total housing inventory at the end of February 2013 decreased by 20.00% to 756 existing homes available for sale In Feb of 2012 we had a 12 month inventory of homes. That number has dropped to 7.73 months worth of inventory in Feb 2013. That number is even lower in some neighborhood markets swinging things back to a seller market in some instances.
If you are in the market for a home you will see that the home inventory is slim right now as the amount of homes is down 28.95% from two years ago and a 20% reduction from last year in February 2012
Here are some of the highlights of the Feb 2013 real estate market statistics for Williamsburg VA.
* Closed sales are up 40.35%. We’ve sold 80 homes through the end of February 2013 as compared to 57 in Feb 2012.
* Pending sales are up 11.46% !.
* The median list price is down 4% from $289,500 to $277,450
* The median sales price is down 2.30@ from $282,000 $275,500.
* Homeowners are getting an average of 97.4 of list price when they sell. ( so a home listed at $100k is selling for $97,400)
* The number of days a home spends on the market is up from 114 to 118.
* Number of homes for sale: We only have 728 homes for sale ( a 20% reduction from last year) giving us 7.73 months of inventory on the market (down from 12 months of supply in Feb 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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