The Liz Moore Market Watch Blog

97.9% Median Sold Price to List Price on The Peninsula

Posted by Lynnette Tully on Fri, Jul 01, 2016 @ 02:18 PM

Peninsula.jpg

The Peninsula housing market has slowly gained momentum all year, especially in the lower price points.

Sellers can expect to get on average over 97% of their asking price, based on year-to-date numbers.  

What does that mean for you?  It's a great time to sell!

*Statistics are from the REIN Multiple Listing Service, and are based on January – May, and run date June 30th, 2016.

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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Tags: Home Sale Statistics & Trends

98.3% Median Sold Price to List Price in Willaimsburg

Posted by Lynnette Tully on Wed, Jun 22, 2016 @ 01:52 PM

Wbg.jpg

The Williamsburg housing market has slowing gained momentum all year, especially in the lower price points.  

Sellers can expect to get on average over 98% of their asking price, based on year-to-date numbers.  

What does that mean for you?  It's a great time to sell!

*Statistics are from the Williamsburg Multiple Listing Service, and are based on January – May, and run date June 21st, 2016.

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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Tags: Home Sale Statistics & Trends, Williamsburg

Latest Census Estimates Show Population Changes on Peninsula and in Williamsburg

Posted by Lynnette Tully on Mon, Jun 06, 2016 @ 02:41 PM

up-arrow.jpgThe U.S. Census Bureau released its population estimates from April 2015 - July 2015 for much of Virginia, including many of our local cities and counties.  

Williamsburg shows to be the fastest-growing community in Hampton Roads, according to the Census estimates, with an estimated 10.1% increase in residents to 15,052.  The state's average growth rate is 4.8%. 

James City County grew by 5,746 people between 2010 and 2015, according to Census data, which is up 8.5% from James City County's official 2010 census.

Hampton lost 1,056 residents between 2010 and 2015, while Poquoson lost 98 and Matthews lost 114.

Newport News, which is the largest city on the Peninsula, continues to grow and added 1,474 residents between 2010 and 2015.  York County grew by 2,646 and Gloucester by 285.

Virginia added added more than 381,000 people to its state between 2010 and 2015 - bringing the overall population estimate to around 8.3 million, which makes it the 12th largest state in the union.  

(Source: Virginia Gazette article, April 2, 2016)

If you’re a seller who has been wondering if it might finally be time to sell your home in Williamsburg or on the Peninsula, 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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Tags: Buyers, Sellers, Home Sale Statistics & Trends, Hampton, York County, Newport News, Poquoson, Williamsburg

Closed Sales in Greater Williamsburg are Up 2%

Posted by Lynnette Tully on Thu, May 26, 2016 @ 03:11 PM

Williamsburg.jpgClosed sales in the Greater Williamsburg real estate market are up 2%!

2016 has lagged behind 2015 in closings until April, when year to date closings (402) surpassed last year to date closings (394).  Pending sales are up over 20% so far this year, which means that closings should post an even stronger gain in the 2nd quarter of this year.

*Statistics are from the Williamsburg Multiple Listing Service, and are based on January – April, and run date May 23rd, 2016.

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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Tags: Home Sale Statistics & Trends, Williamsburg

Inventory Drops to a Five Month Supply on the Peninsula

Posted by Liz Moore on Fri, May 06, 2016 @ 03:09 PM

Pen.jpg

A steadily declining supply of inventory has led to a robust Spring market on the Virginia Peninsula (REIN MLS areas 101-112).

Click to Find Out How Much Your Home is Worth

The current market has a 5 month supply of inventory (down from 7.3 months in January), which has dropped below the balanced market of a 6 months supply, indicating a trend favoring sellers.  Pending sales are up 21% for the first quarter, as compared to the first quarter of 2015.  Liz Moore & Associates Williamsburg office celebrated a record March, and is pacing to set yet another record this month!  What does that mean for you?  It’s a great time to sell!

The first step in pricing your home right is finding a professional real estate agent who can help you do just that.  Email us at concierge@lizmoore.com or click below for a complementary market analysis on your home.

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Tags: Buyers, Sellers, Home Sale Statistics & Trends, Hampton, York County, Newport News, Poquoson

Inventory Declining Steadily in the Williamsburg Housing Market

Posted by Lynnette Tully on Tue, May 03, 2016 @ 03:09 PM

Williamsburg_Market.jpg

A steadily declining supply of inventory has led to a robust Spring market in Greater Williamsburg (zip codes 23185, 23188, and 23168). 

Click to Find Out How Much Your Home is Worth

The current market has a 5.8 month supply of inventory (down from 6.4 months in January), which has dropped below the balanced market of a 6 months supply, indicating a trend favoring sellers.  Pending sales are up 22% for the first quarter, as compared to the first quarter of 2015.  Liz Moore & Associates Williamsburg office celebrated a record March, and is pacing to set yet another record this month!  What does that mean for you?  It’s a great time to sell!

The first step in pricing your home right is finding a professional real estate agent who can help you do just that.  Email us at concierge@lizmoore.com or click below for a complementary market analysis on your home.

How Much is My Home Worth?

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Tags: Buyers, Sellers, Home Sale Statistics & Trends, Williamsburg

Characteristics of Home Buyers in 2015

Posted by Lynnette Tully on Fri, Apr 22, 2016 @ 03:50 PM

The National Association of REALTORS recently released some highlights from their 2015 Profile of Home Buyers and Sellers, with a section devoted to characteristics of home buyers.  Did you know:

  • First-time buyers made up 32% of all home buyers,
    down from 33% last year.Family_playing_a_board_game_3.jpg

  • The typical buyer was 44 years old, and had a median
    household income of $86,100.

  • 67% of recent buyers were married couples,
    15% were single females, 9% were single
    males, and 7% were unmarried couples.

  • 13% of home buyers purchased a multi-generational
    home to take care of aging parents, for cost savings,
    and because children over the age of 18 are moving back
    home.

  • 18% of recent home buyers are veterans and
    3% are active-duty service members.

  • At 30%, the primary reason for purchasing a home
    was the desire to own a home of their own.

Are you looking to start the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
 
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Tags: Buyers, Home Sale Statistics & Trends

January Home Sales On Par with Last Year Despite Winter Storm

Posted by Lynnette Tully on Tue, Mar 08, 2016 @ 02:09 PM

According to the Virginia Association of REALTORS® January 2016 Home Sales Report, Virginia residential real estate sales in the first month of the year reflected typical industry seasonality. Historically, January is the slowest month for home sales, and this year was particularly affected by a catastrophic winter weather event.

Despite significant disruption to market activity from Winter Storm Jonas:

  • Volume declined by less than one percent year-over-year.
  • Median sales price rose year-over-year.
  • The value of transactions in January 2016 exceeded $1.74 billion, an out performance of the same month last year despite near even sales numbers.
  • Median sales price for January 2015 rose 3.26 percent from the same period last year from $237,750 to $245,500.

 

Virginia_Sales_Volume.jpg

(source: Commonwealth Daily)

 

Are you looking to start the home buying process this year?  Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.

Download Our FREE Home Buying Guide

 

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Tags: Buyers, Sellers, Home Sale Statistics & Trends

Liz's Crystal Ball for 2016

Posted by Liz Moore on Wed, Feb 17, 2016 @ 03:28 PM

2015 was a very good year for local real estate. After a strong bounce back year in 2013, followed by a relatively flat 2014, this past year showed sales and pricing gains again in most segments of the market.

In greater Williamsburg, closed sales finished up an impressive 18% higher than the year before. Median soldcrystal_ball-1.jpg price was up 6% to $309,000. Perhaps most importantly, showing activity was up in December – higher than we typically see during the holiday season. I believe that bodes well for kicking off the New Year with a strong start for closings.

The market is still definitely favoring sellers who are positioned properly – those who are aggressively priced and in move in condition are selling in less than 3 months on average. There is currently slightly over 6 months of inventory available, which underscores the importance of being sensitive to the competition – both in terms of price and condition. This is particularly true in the luxury market, where market time is always longer.

Here is what I see in the coming 12 months:

Sales will increase
As prices have begun the inevitable rise, consumers will soon realize that moves need to be made ASAP in order to take advantage of a 7 year streak of historically low rates and home values. It’s important to note that the market can shift quickly, and the pendulum is likely to continue its swing toward lower inventory levels, creating a more competitive environment than we’ve seen in recent years.
The volatility in the world and its effect on the stock market continue to influence consumer confidence in general. Pending economic factors both nationally and locally could still definitely throw a kink in a continuing market rebound, and remain the wild card in the forecast.

Interest rates will rise
Interest rates have remained ridiculously low, with a 30 year conventional fixed rate a full percentage point below the same time last year. I even refinanced my home (again!) to capitalize on a low rate and a shorter loan term. Rates ticked up slightly last month, with many of our friends in the mortgage industry predicting a continued inevitable rise in 2016.

Because it’s an election year, you never know what will happen, and we are encouraging buyers to move ahead with their plans, and not risk the impact that higher rates have on mortgage payments.

My overall message here remains the same as last year: If a home purchase is on your New Year resolution list, buy early in the year, as interest rates have a much greater impact than most realize. For instance, waiting for prices to drop 5% to save $12,500 on a $250,000 purchase may cost you an extra $225 per month in payments; if rates increase from 4% to 5.5%, then your payment increases from $1194 to $1419. For most buyers, the affordability index of monthly payments is a more critical consideration.

Prices will increase in most neighborhoods
Prices are neighborhood specific, and some areas are definitely improving faster than others. The overall Williamsburg market experienced a 6% overall increase in average sales price last year, which was great news for our sellers. I expect prices to continue their slow but steady upward trend in 2016.
Real estate is definitely local. We are fortunate to live in a market that did not experience the worst of the real estate roller coaster in 2008-2012, although that also means that our rebound has been less dramatic.

My forecast is for another strong real estate year in 2016!

*All stats based on the Monthly Indicator Report Provided by Williamsburg MLS, covering 2014 and 2015

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.

How Much is My Home Worth?

 

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Tags: Buyers, Sellers, Home Sale Statistics & Trends, Williamsburg

Inventory Levels Dropping in Williamsburg, Virginia

Posted by Lynnette Tully on Wed, Jan 27, 2016 @ 03:47 PM

Shrinking inventory and strong sales point to an active early Winter real estate market in Williamsburg, Virginia.

  • Months Supply of Inventory - 6.5LMA_info-wmb-12-15-1.jpg
    Six months of inventory is considered a balanced market. 
  • Current Median Sold Price - $309,000
     
  • % of Sold Price to List Price - 98.2%
     
  • Average Days on Market - down slightly to 54

  • Closed Sales - up 18.2%

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.

How Much is My Home Worth?

 

Are you interested in hot real estate topics, tips and trends?  
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Tags: Home Sale Statistics & Trends, Williamsburg