May 2013 Market Observations
The Williamsburg VA real estate market continued to demonstrate it’s strength in May 2013 with home sales up 32.69% over the previous May.
The closed median home price in May 2013 for the Williamsburg VA market , which includes the City of Williamsburg, James City County and Upper York County’s housing data, was $303,500, a slight reduction from a year ago..
NOTE: these figures will most likely increase as real estate brokerages continue to post sales updates from May sales
Available home inventory levels continue to shrink , the month’s supply of inventory is currently 8 months compared to 12 months in May of 2012. The month’s supply is also referred to as the absorption rate which indicates that if the current market conditions were to continue; this is how many months it would take to deplete the available inventory.
Williamsburg home sellers this month are experiencing an average 98 percent sales price to list price ratio. This average is a 1.4 percent increase over 2012.. The increase can be attributed to high demand and limited inventory. ( in other words if the home was listed for $100k, it sold it for $98,000)
- Total inventory for sale is at 872 homes, a 16 percent decrease from the 1042 homes on the market in May of 2012 .The limited amount of inventory continues to inflate pricing and intensify demand for properties.
- The time on market decreased dramatically this month showing a 32 percent reduction of days on market to 51 days from 75 days last year.
Note: These statistics are from the Williamsburg VA MLS (WAAR WMLS) and cover the 23185,23188 and 23168 zip code regions. This includes the City of Williamsburg, James City County , Toano, Norge, Lightfoot, Lanexa, and the upper part of York County, (Bruton District)
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to sell, selling when its a buyers market may hurt you on the selling end, but you’ll make it up on the buying end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is (again)…it’s time to sell. With inventory at record lows, a home that’s priced right will have no problem finding a buyer. As we head into June 2013, buyers who have been waiting for more inventory will continue their searches. Get your home on the market now and be moved into your new home by July ! If you’re looking to sell, we can help you get top dollar for your home in the shortest time. For more info about the best home selling program in Williamsburg VA visit Sell MY WILLIAMSBURG HOME
If you’re a buyer, that doesn’t mean sit on the fence and wait. Interest rates are increasing and will continue to do so. Buying now could mean a difference in hundreds of dollars to your payment. As more and more inventory gets snatched up, you’ll find less and less available. Waiting until the market slows down could mean you could afford less home as interests rates go up. And, as buyers continue to snatch up everything, market values will go up as well. If you’re looking to get into the market, the best time to find a great deal is any time you can.
Questions About the Williamsburg Real Estate ?
Do you have questions about Williamsburg Real Estate ? Call or text 757.254.8136 or email John@MrWilliamsburg.com and we’ll help you in any way we can.
If you’re looking to buy or sell Williamsburg or Yorktown VA real estate, don’t forget to check out our Buyer Center or Seller Center for more tips.
Are you interested in monitoring home value trends in your Williamsburg or Yorktown VA neighborhood? If you would like to receive e-mail alerts when new listings or sales happen in your neighborhood, we can set you up. There is no cost or obligation to participate in our Nosy Neighbor e-alerts, just let us know which neighborhood(s) you are interested in following, and we’ll make it happen! Fill out the form here
Mr Williamsburg offers a complimentary, no obligation market analysis of your Williamsburg VA home. It’s a great way to get a handle on what your home might sell for in today’s market, with no obligation to list. Call him today at 757,254,8136 or click here to request more info or an appointment.