Williamsburg Market Trends September 2014

Hello !

Many of you already know me, but for those of you who do not, let me  take this opportunity of introducing myself as the Managing Broker for the Prudential Towne Realty Williamsburg Office. Each month, my counterpart, Regina Scott, manager of the Peninsula Operations and I will share this space and bring you timely updates on Real Estate happenings and trends we are seeing  locally.  Often the National news reports do not reflect what’s going on in our area so, since we all have heard the saying… “real estate is local”, we will keep it local!

As our summer came to an end in the Williamsburg, James City County and Yorktown areas, we saw brisk activity!  During the months of July and August  homes “prepared for sale” faired well”  as our buyers expectations were high with” move in ready” homes not requiring updates, selling most quickly.

When we compare  July 2014 with July 2013 statistics, New listings are down 13% for single family detached homes but increased 3.2% for single family attached properties  Pending sales ( those homes listed and are under contract) decreased a staggering 31.6% for single family detached and 11.1 % for single family attached homes.

The median Sales price for single family detached homes as fallen 7% from last year while the median sales price for single family attached homes has increased by 21.6%.  Great news regarding all homes on the market for sale, the median number of Days on the market has fallen to 44 day from 57 days last year.  A balanced market has 6 months of inventory and ours currently has 8.7 months, so we are not quite there yet.

If you are getting  your home ready for sale in the fall market, we have a great team of experienced agents who can guide you through the process of preparation, marketing and quick sale.  There is pent up buying power just waiting for your home to hit the market!

 

 

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