• 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 website is 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 homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, 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 @ 757-254-813

Effects of ’09 Tax Credit Starting to Show in Hampton Roads

The effects from the residential sales surge experienced in the third and fourth quarters of 2009 are now starting to be more prominent in 2010 sales totals comparisons of Hampton Roads Home sales. Traditionally, the third and fourth quarters are slower when compared to the second quarter of the year. But, in 2009 the third quarter had the highest sales total and the fourth quarter was almost equal to the second. This shift in buyers’ habits was due in large part to the federal tax credit. It caused many people who were potential buyers in the first and second quarters of 2010 to buy in the third and fourth quarters of 2009 prior to the original tax credit expiration of November 30. This date set a line in the sand for home buyers and the following extension allowed even more buyers to move their own purchase timelines to earlier dates thus “pulling forward” home sales activity. Many people across the country bought homes sooner than planned specifically for the tax credit and skewed many settled sales totals prior to the credit’s expiration.
The number of active homes for sale in the region last month remained high and increased by 8.95% when compared to October 2009. The recent levels of homes for sale have been the highest recorded for each month since February 2010. The region has maintained a level above 15,000 available listings for seven straight months, also the most on record. However, the median listing price of homes on the market in October 2010 declined by 9% when compared to October 2009. This drop is in line with the settling of home prices in Hampton Roads and is a potential sign of housing stability.
The number of under contract residential sales fell year-over-year by 28% in October. This statistic, often referred to as a leading market indicator, does not provide a very positive outlook for the near future. Most of the recent downturn in under contract may be attributed to the expiration of the federal tax credit, but other factors are also influencing the rapid drop in transactions including availability of credit and consumer expectations.
Residential settled sales plunged 32.4% in October when compared to the same time last year. The plummet was the largest year-over-year drop since January 2009, -35%. Each of the seven major cities in the area experienced sales declines ranging from a low of -21% in Norfolk to the high of -46% in Newport News. The median sales price for October 2010 was down 1.2% when compared to October 2009. The median price for homes sold seems to have bottomed for the region with its continued small differences as recorded each month. Some areas, including Virginia Beach, Chesapeake, and James City County, are starting to experience price appreciation with each area up 1% year-over-year.

The months’ supply of inventory held at ten months, but the absorption rate, the average number of homes sold over the past twelve months, continued to decline and is now at 1,480 homes per month.

The percentage of distressed listings, those that are bank owned or short sales, expanded to account for 22% of the active homes for sale and they comprised 31.7% of the settled sales total. October was, by far, the most prevalent month for distressed sales activity in our region since the housing bubble burst. Current market conditions and the overall economy do not show signs of a dramatic decrease in distressed listings. If these trends, both percent of active and sold listings, continue upward home prices within the region may decline as a result of the downward pressure these distressed homes have on local markets.

 

October 2010 Highlights

Listings
Residential active listings increased, 8.95% year-over-year, to 15,009 (October 2010) from 13,776 (October 2009).
Under Contract (Pending) Residential Sales
Total residential under contract sales decreased by 28% as compared to October 2009 (1,309 vs. 1,810).
Sales
Total property sales and total residential sales declined when compared to October 2009 showing drops of 31% and 32% respectively.
Inventory
There is currently 10 months’ inventory of residential homes on the market in the Hampton Roads area, the same as the previous month, but up 6.7% from October last year

Williamsburg Va Real Estate Growth Update

From an article in the Va Gazette

What will the rolling landscape of James City County Virginia’s Stonehouse District look like with three times the number of today’s homes? Hard to imagine.One of the side effects of the new rooftops may also be increased activism. Today most of the slowgrowth lobby is concentrated in Powhatan and Jamestown districts. “Because the growth has been focused in those areas, there have been a lot more issues around which galvanize people,” Krapf said. “As the growth demand turns to the upper county, you’ll probably see a lot more activity on the part of those groups served by public water. Much of the upper county relies on wells for drinking water. “It’s far too early to talk about expanding the [Primary Service Area} at this point,”  Stonehouse supervisor Jim Kennedy said. “We need to be looking at new technologies and water supply, such as reclaimed water systems,” 

Last year the James City County’s Real Estate Assessments Division assessed 4,825 parcels in Stonehouse, the westernmost of five magisterial districts.

More than 5,000 new housing units are approved and under way, according to a James City County Citizens’ report on cumulative growth.

Beyond that, another 5,500 are approved but not yet started. New housing of that magnitude seems far-fetched in the middle of a real estate slump, but Stonehouse remains a hot market for $200,000 homes . The population of the county could drastically shift within 20 years as Villages at White Hall, Jennings Way, Michelle Point, Stonehouse and Colonial Heritage build out. On the commercial side, Stonehouse is expected to add about 3.8 million square feet of shops, stores and restaurants.

The Stonehouse area of the county is definitely going to get the brunt of the growth.Some serious consideration needs to be given to the road structure that supports it, as well as the water situation. 

Plans for the Stonehouse development once included using reclaimed water, but were abandoned because of cost.

Despite efforts to control growth, there is still plenty of room. A good portion of the Williamsburg Pottery tract is in the district, as is the neighboring Hunt farm property. Both would provide large development opportunities. “It’s not just the Hunt property,” Kennedy added. “There’s also Anderson’s corner.” Planning Commission member Rich Krapf lives in the district and cautions not to overreact. “The buildout schedule could take years to achieve,” he said. “So people forget that that’s been approved. Then the new owners come in and people say, ‘That’s new growth and we don’t want new growth.’Yet it’s a 20-yearold project. That’s where so many citizen groups are raising the flag about cumulative impacts.”

The housing market is a wild card, though. Because of the downturn, Colonial Heritage construction has slowed to a trickle and developers throughout the county are not meeting building projections.

Typically, each phase in a development depends on the success of the previous phases. In a flagging market, growth stalls and plans change. “The whole county has time to breathe,” Kennedy said. “Certainly this Comprehensive Plan is critical.” 

Kennedy said that Stonehouse and its development are different from the other districts. “More people in this district are property rights people than in other areas in the county, because they are large property owners.

They don’t want to see the commercialization of the Stonehouse district either, but they certainly want to protect their interests. We’re ‘a little bit country’ out here, and we like it that way, for the most part.” “Even with the growth likely to occur, we’d still like to see the rural character retained out there,” Kadec said of J4C. “It may not be possible, but it sure would be nice.” Kadec believes the county can balance the rooftops by encouraging equine-related businesses, agri-tourism, and other industries that make preservation profitable. The same sentiment was mentioned frequently by residents recently in Comprehensive Plan meetings in the upper county. “

Mr Williamsburg.com Homes for sale statistics

I have listed the number of homes currently listed for sale in the following communities as well as the current price ranges . These figures are as of October 2007. If you would like sales statistics for any neighbor hood in Hampton Roads to include Williamsburg, James City County, York County, New Kent, Hampton, Newport News, Poquoson, Isle of Wight, Suffolk, CHesapeake, Va Beach, Norfolk or Chesapaeake. I can send you a report that will show listed price and sales price, days on the market and other relevant information. This can give you a better feel for the market if you are considering buying or selling anywhere in the area.

Neighborhood Homes for sale Lowest Price Highest Price
Ford’s Colony 175 $349,000 $2,100,000
Kingsmill 66 $320,000 $4,000,000
Governor’s Land 49 $560,000 $2,250,000
Stonehouse 37 $360,000 $789,000
Colonial Heritage 13 $294,500 $499,950
Greensprings West 18 $409,900 $599,950

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com email
www.MrWilliamsburg.com/ website
www.MrHamptonroads.com/ website
www.MrTidewater.com/ website
www.MrVaBeach.com/ website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH