So how is the upper end market doing in Williamsburg VA ? Specifically $900,000 and above ..
We ended up with 15 sales in the last 12 months over the $900,000 mark. Best month for closings was August 2013 with four ..
Top selling neighborhoods in this price range were Fords Colony with five closings Kingsmill had three and Governors Land had four closings in the last 12 months. Rivers Bend at Uncles Neck a new waterfront community in the western part of the county also had one sale above $1,000,000. Note there were a number of $1,000,000 plus new homes built in the last 12 months with buyers purchasing a lot and then constructing a custom home. These homes are not included in the stats above.
Here we show how many homes $900k went under contract each month in the last 12 months. The best months for sales last year were both June and July 2013 with four sales each month
Cost per square foot ranged from a high of $328 in April of 2013, It bottomed out at $145 in Sept 2013 but it steadily headed upward. Disclaimer: When you only have one or two sales in a months this is a tricky number to evaluate. If the only sale was a bank owned wreck of a home that’s sure to sell for a very low price per sq foot… Same as the high number. It could be a brand new waterfront estate built to a very high finish level.
Months supply: 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 sell through all the homes currently listed.
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.
Contact me at 757 254 8136 or John@MrWilliamsburg.com for any of your Williamsburg, Yorktown, or New Kent VA real estate questions..