Without a doubt, housing is the bright spot in the economy right now, and that is especially true here in our local markets. We have been posting positive statistics monthly for over a year now, and with the momentum of the spring market, our agents are enjoying being very, very busy!
Sales are up. Closed sales are up almost 25% over last year in greater Williamsburg (23188, 23185, and 23168), and closer to 28% on the Peninsula (Newport News, Hampton, York County and Poquoson).
Inventory is down. In Williamsburg, there is currently about 8 months of inventory available, compared to over 13 months a year ago and over 2 years of inventory at the low point. Inventory is down below 5 months on the Peninsula!! 6 months is considered a balanced real estate market, and anything less favors the seller in terms of a negotiating climate.
Prices in most segments are beginning to rise. The combination of more sales and fewer new listings coming on the market has led to a 5% increase in the median sales price in Williamsburg. Peninsula prices are actually down slightly (3%) over last year, to just less than $165,000. This is likely due to the high percentage of bank-owned inventory, and given the inventory scenario, we expect to see prices begin to rebound this summer.
Offers are stronger. As the market pendulum swings from buyers’ market to sellers’ market, we’ve also seen an upward tick in the ratio of sold price to list price; local sellers have enjoyed an almost full 1% increase to almost 98% of list price.
All of this translates to a sense of urgency in the market that is a welcome respite for market weary sellers and a bit frustrating to buyers who have enjoyed years of soft markets with anxious sellers.
*Statistics from Broker Metrics, an overlay software program for the Williamsburg MLS and the Real Estate Information Network MLS (REIN).
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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