April 2013 Market Observations
The Williamsburg VA real estate market continues to demonstrate it’s incredible strength in April 2013 with home sales up a whopping 44% over the previous April.
The closed median home price in April 2013 for the Williamsburg VA market , which includes the City of Williamsburg, James City County and Upper York County’s housing data, was $285,000 an increase of 9.4 percent from April 2012
Williamsburg Home Contract Activity
Contract activity, which is a leading indicator of home sales, continues to point in an extremely positive direction. This April was 13% above last year
With available inventory levels being less than a year ago, and robust contracted activity, the month’s supply of inventory is currently 8 months compared to over 13 months in April 2012. The month’s supply is also referred to as the absorption rate which indicates that if the current market conditions were to continue; this is how many months it would take to deplete the available inventory.
Williamsburg home sellers this month are experiencing an average 98.51 percent sales price to list price ratio. This average is a 2.36 percent increase over 2012.. The increase can be attributed to high demand and limited inventory.
Total inventory for sale is at 817 homes, a 23 percent decrease from the 1065 homes on the market in April of 2012 .The limited amount of inventory continues to inflate pricing and intensify demand for properties.
The pace of closed sales increased dramatically this month showing a 26 percent reduction of days on market down to 67 days.
What does this mean for you? Well, we’ve had a strong market this year with steady home values and an increase in market activity. If you’re thinking of selling anytime soon, consider going on the market to take advantage of the increased number of buyers, list prices, sales prices, and fewer days on the market before sale..
Psst.I’m a real estate agent.