Deelyn's June 2010 Market Update
Williamsburg, VA. Market Updates
Interested in market data for your neighborhood or city? Please contact me and I will provide you with the real estate information that you need.
MARKET UPDATE JUNE 2010
The sales numbers from June 2010 are in and, while they don't look terrific, you do have to view them in a rear view mirror with the tax credit expiration date in April 2010 as a huge asterisk. For those folks that knew that they would be purchasing a home in the last 6 months and also knew that they would qualify for a tax credit, they had an added incentive to make a decision and ratify on a contract prior to the April 30 deadline. The numbers do reflect a surge in sales in March of this year ( March 2009 saw 69 properties go under contract while March 2010 followed with 92 properties under contract.)
Bottom line? There were 1384 properties for sale in the 23185, 23188 and 23168 zip codes. 71 (or 5.1%) of those properties went under contract in June. 104 properties that had been under contract did go to close and 119 properties expired. There were 230 new listings.
The median home price in Williamsburg is now $322,450 compared with $329,000 in June of '09. Our average price per square foot for active listings is $168 compared with $173 in June '09.
Interesting, those properties that actually went under contract in June had an average price per square foot of $147 while those that expired (i.e. didn't sell!) had an average price per square foot of $166. Those numbers are very telling: if you want to sell your property you need to be realistic about pricing your home in today's market. Price it competitively. Period.
Here are the grits and grasshoppers with pictures and numbers! Please click on each graph for a larger and easier to read PDF version.
Please feel free to call(757.503.1999) or email (deelynneilson@lizmoore.com) if you have any questions or are interested in any other statistics.
MARCH 2010 MARKET UPDATE
Wow! The numbers are in for March and, please take a cautionary deep breath, they look good or at least a lot better. Comparing March 2009 to March 2010 does provoke some thought. Could we be turning the corner? Certainly a crystal ball would help right now, however, I will take the good news as it comes.
The graph above indicates "Market Absorption" which basically compares the new and residual listings with what is under contract. Comparing March of 2009 with March of 2010, we are up 33% for properties UNDER CONTRACT and our residual listings are down 4%. Good news! (Click on graph for larger PDF version.)
The graph above indicates that our supply of inventory has declined from March 2009 where we had 16 months of standing inventory versus March 2010 where we now have 12 months of inventory. (Please click on graph for larger PDF version.)
A "balanced" market (neither a buyer's market nor a seller's market) exists when there are roughly 6 months of inventory so while we are not yet there, we are certainly headed in the right direction.
The numbers are looking very positive and do represent a shift in the market. The real question that can only be answered in a rear view mirror is whether or not the trend can be sustained. Let's hope it can.
The one thing that we know for sure is that if you are waiting for the market to hit the bottom before you buy on our vast real estate freeway, we will only know AFTER the bottom has come and gone and by then you may have missed the exit.
