Real Estate Market Update for Williamsburg Homes
December 2009 sales of 52 residential homes were lower than the 60 sales in December 2008. However, sales in October and November 2009 were more than double that of the 2008. This was most likely due to the $8,000 credit for new home buyers that was originally going to expire at the end of November.Even when we ignore December and focus on the seven prior months in 2009, 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 dropped 6.76% in the last year. For 2009, the average price of a home was $332,322 while the average sale price was higher at $356,429 for 2008. The average number of Days on Market for the last 12 months was 141 days while it was 123 days in 2008. For the past 12 months, the average Sales Price to List Price ratio was .9137. That means a home originally listed for $400,000 will likely have sold for $365,480.
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 and tax credits up to $8,000 for first-time home buyers and $6,500 for existing home owners available. 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.
