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New homes are getting larger, fancier, how can this be ?

The NAHB, (National Association of Home Builders) looked at data from the Census Bureau, to spot new home trends in 2011.

Some of the more interesting facts about new single-family homes started in 2011 include:

  • Average home size rose to 2,522 square feet, up 6% from 2,381 square feet in 2010.
  • The number of 4 + bedroom homes built rose to 42%, up from 36% in 2010.
  • The number of homes built with  3 + full baths jumped to 28%, up from 23% in 2010.
  • Homes built with a finished basement jumped to 30%, up from 25% in 2010  (basement counts towards total square footage if finished by the builder). this might explain #1
  • The share with a 3-car garage or more reversed a six year trend, rising to 18% from 16% in 2010.
  • The average sales price of new rose to $274,400, up from $264,900 in 2010.

search new homes in Williamsburg, james city county, york county vaNAHB ponders an interesting question: how can the average home be getting bigger, more expensive, and have more amenities when the housing market remains weak and the overall economy is yet to see a robust recovery?  The answer is simple: it comes down to who has been buying homes.  In the last couple of years, a typical home buyer had to have a 20% down payment, a high credit score, well-documented income, and stable employment history in order to qualify for a mortgage. 

I beg to differ, in my own experience selling new homes in the Williamsburg area prices for new homes have dropped dramatically over the past three years. A case in point. In January of 2008 there were a few new home sales in the Stonehouse Glen community in Toano for prices approaching $800k. The homes were approximately 6200 square feet. With the new price reductions you can now build a similar home for about $550k.

I just sold a new condo in White Hall for the $130’s , that same size condo with less features was selling in the $180’s in 2009

Prior to 2007, Homes with basements in the Williamsburg VA were mostly found in the $500k and up price range. You can now buy townhomes with basements in the $200’s and detached homes with basements now start in the $270’s. I sold one home in White Hall with a finished basement and 4100 square feet for $310k !

Another fact in my own experience , a large majority of buyers I work with are buying homes (new and resale) with ZERO down payments, ( VA loans) or 3.5% down payments ( FHA loans) I think that’s the case in the Williamsburg VA for the majority of homes priced $350k or under .

 

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search new homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

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