The Williamsburg Area Association of Realtors released the follow data regarding the Williamsburg real estate market for the month of July:
Months Supply of Inventory (MSI) Decreases
The total housing inventory at the end of July 2013 decreased 15.98% to 831 existing homes available for sale. Over the last 12 months this area has had an average of 113 closed sales per month. This represents an unsold inventory index of 7.38 MSI for this period.
Median Sale Prices Falling
According to the preliminary trends, this market area has experienced some downward momentum with the decline of Median Price this month. Prices dipped 5.90% in July 2013 to
$287,000 versus the previous year at $305,000.
Median Days on Market Shortens
The median number of 58.00 days that homes spent on the market before selling decreased by 34.50 days or 37.30% in July 2013 compared to last year’s same month at 92.50 DOM.
Sales Success for July 2013 is Positive
Overall, with Median Prices falling and Days on Market decreasing, the Listed versus Closed Ratio finished strong this month.
There were 208 New Listings in July 2013, up 26.83% from last year at 164. Furthermore, there were 171 Closed Sales this month versus last year at 112, a 52.68% increase.
Closed versus Listed trends yielded a 82.2% ratio, up from last year’s July 2013 at 68.3%, a 20.38% upswing. This will certainly create pressure on a decreasing Month’s Supply of Inventory (MSI) in the following months to come..
If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
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