Real Estate Market Update for Williamsburg Homes
It looks like the Williamsburg market is picking up. March-June 2010 sales were higher than sales for the same period in 2009. With sales going up, more owners are deciding to put their properties up for sale.Thus, the number of months of inventory, at over 10, is still high, indicating we are still in a buyer's market. A normal market occurs when there are about 6 months of inventory. The complete two-year comparison chart of sold, active, new listings and months of inventory can be viewed below.
The average sale price for homes sold in greater Williamsburg has dropped 5.7% in the last year. For the first 6 months of 2010, the average price of a home was $327,182 while the average sale price was higher at $346,909 for the same period in 2009. The average number of Days on Market, for properties that sold, was 141 days for the last 6 months, while it was 144 days in 2009. For the past 6 months, the average Sales Price to List Price was 91.78%. That means a home originally listed for $400,000 will likely have sold for $367,120.
In addition to the economy, two additional reasons for the still relatively slow market in resale homes is the existence of the 30+ new home sites in the greater
It's a great time to be a buyer! Interest rates are still relatively low, lots of homes to pick from. Sellers are accommodating buyers. Prices are negotiable. Sellers are offering help with closing costs and one year home warranties. Many sellers fix most repairs identified during home inspections.
To sell your home today one has to price it smart, make it look irresistible, and market hard. If you know of someone planning to sell their home, I would be happy to provide a free Comparative Market Analysis (CMA), a report that compares their home to similar homes that have recently sold or currently are on the market. Free reports to improve the home's appeal to buyers are available here on my website. To help show a home to its best advantage, one may want to use the services of a home stager. I use and recommend Kits Touch at 253-0032. To see how I maximize the market exposure of my client's property to include all sources of first contact for home buyers, check out the "About Rolf" page.
