The Long & Foster Market Minute

Focus On: Greater Williamsburg Housing Market March 2019

Zip Code(s): 23188 and 23185
Units Sold
64
Active Inventory
458
Median Sale Price
$377,500
Days On Market
87
Down -25%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -24%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in March, with 64 sold this month in Greater Williamsburg Real Estate versus 71 last month, a decrease of 10%. This month's total units sold was lower than at this time last year, a decrease of 25% versus March 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 28 units or 7%. The total number of active inventory this March was 458 compared to 430 in March 2018. This month's total of 458 is higher than the previous month's total supply of available inventory of 420, an increase of 9%.

Median Sale Price
Last March, the median sale price for Greater Williamsburg Homes was $322,700. This March, the median sale price was $377,500, an increase of 17% or $54,800 compared to last year. The current median sold price is 1% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
176
Current Contracts
107
Sold Vs. List Price
97.1%
Months of Supply
7.2
Down -7%
Vs. Year Ago
Down -12%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Up 42%
Vs. Year Ago

Months of Supply
In March, there was 7.2 months of supply available in Greater Williamsburg, compared to 5.1 in March 2018. That is an increase of 41% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 176 homes newly listed for sale in Greater Williamsburg compared to 189 in March 2018, a decrease of 7%. There were 107 current contracts pending sale this March compared to 121 a year ago. The number of current contracts is 12% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Greater Williamsburg was 97.1% of the average list price, which is 0.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 87, lower than the average last year, which was 114, a decrease of 24%.

The Long & Foster Market Minute Greater Williamsburg are defined as properties listed in zip code/s 23188 and 23185.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of WAAR or Long & Foster Real Estate, Inc.