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How is the real estate market in Williamsburg ? July 2012

Typically home sale peak in the spring and the then slow up a bit after July 4th and then pick up again after school starts in September.  Sales start to slow way down again around Thanksgiving time and then they pick up again in the beginning of the year.  People buy and sell housing all year long and the people who sell during the slow season have the advantage of having less competition Generally t buyers who are looking in the slower parts of the year are more motivated.

What follows is an August  2012 update for residential home sales for the Williamsburg area housing market.  This comprises the city limits of Williamsburg, James City County and upper York County ( Bruton District) The zip codes for those areas are  23168, 23185, and 23188,

The chart below shows the number of residential homes sold in July 2012 (112) as compared to (94) during July 2011.   That is a 19% increase over both this time last year and 16% over the running 12 month average.

 Note that we have had sales increases almost every month since September 2011. 

Homes under contract (Pending Sales ) for July 2012 are up by 24.66% to 91 versus July of last year at 73 that went under contract. Again a healthy increase in 12 months.

 Prices Going Up According to the preliminary trends. The Williamsburg market area has experienced some upward momentum with the increase of Median Price this month. According to the July 2012 statistics, this market area has experienced some upward momentum with the increase of average prices at closing. Prices increased 8.33% to $338,479 versus the previous year July at $312,446.

This number can be a tricky component as if we sell more higher end homes it will simply skew the numbers up. Personally I see very few market segments showing price increases. New Homes are the primary one.

Months Supply of Inventory (MSI) Decreases

The total housing inventory at the end of July 2012 decreased 21.42% to 939 existing homes available for sale.

 

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I would be happy to send you more detailed reports for your home, neighborhood or market segment.

Simply email me John@MrWilliamsburg.com or call 757.254.816

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