By Liz Moore
As you can see in the below graph, last year, the Williamsburg real estate market peaked in July. This year, although up through May the market was following an identical upswing pattern (and only off 8 sales from the prior May), it has taken a significant downturn in the past 2 months. This graph shows all price ranges, but as you might expect, the reversal is even deeper in price ranges over $450,000.
What does this mean going forward? Only time will tell, but I am hopeful that the last 4 months of the year will show a softer than normal curve, so that as we look back at the end of the year, we will have held pretty steady with the positive numbers of 2013, if not come out even a bit ahead.
Months supply of inventory, days on market, median price, and % of sold price to list price stats have all held very steady all year, regardless of the dip in closed sales – so, that is a positive sign. And, activity remains strong in the lower price points, which should continue to fuel the market. As has been the case, aggressive positioning remains the key to getting homes sold in the current market climate.
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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