Greater Williamsburg Housing Market Data

There was an increase in total units sold in May, with 141 sold this month in Greater Williamsburg Real Estate versus 135 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 15% versus May 2019.

Versus last year, the total number of homes available this month is lower by 201 units or 31%. The total number of active inventory this May was 454 compared to 655 in May 2019. This month's total of 454 is lower than the previous month's total supply of available inventory of 487, a decrease of 7%.

Last May, the median sale price for Greater Williamsburg Homes was $342,500. This May, the median sale price was $307,140, a decrease of 10% or $35,360 compared to last year. The current median sold price is 11% lower than in April.

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

In May, there was 3.2 months of supply available in Greater Williamsburg, compared to 4.0 in May 2019. That is a decrease of 19% 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.

This month there were 177 homes newly listed for sale in Greater Williamsburg compared to 280 in May 2019, a decrease of 37%. There were 161 current contracts pending sale this May compared to 194 a year ago. The number of current contracts is 17% lower than last May.

In May, the average sale price in Greater Williamsburg was 98.4% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 54, lower than the average last year, which was 67, a decrease of 19%.





Focus On: Greater Williamsburg Housing Market			May 2020

Zip Code(s): 23188 and 23185
Units Sold 141	Active Inventory 454	Median Sale Price $307,140	Days On Market 54

Down -15% Vs. Year Ago	Down -31% Vs. Year Ago	Down -10% Vs. Year Ago	Down -19% Vs. Year Ago


		Units Sold There was an increase in total units sold in May, with 141 sold this month in Greater Williamsburg Real Estate versus 135 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 15% versus May 2019.
Active Inventory Versus last year, the total number of homes available this month is lower by 201 units or 31%. The total number of active inventory this May was 454 compared to 655 in May 2019. This month's total of 454 is lower than the previous month's total supply of available inventory of 487, a decrease of 7%.
		Median Sale Price Last May, the median sale price for Greater Williamsburg Homes was $342,500. This May, the median sale price was $307,140, a decrease of 10% or $35,360 compared to last year. The current median sold price is 11% lower than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 177	Current Contracts 161	Sold Vs. List Price 98.4%	Months of Supply 3.2

Down -37% Vs. Year Ago	Down -17% Vs. Year Ago	No Change Vs. Year Ago	Down -19% Vs. Year Ago


		Months of Supply In May, there was 3.2 months of supply available in Greater Williamsburg, compared to 4.0 in May 2019. That is a decrease of 19% 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 177 homes newly listed for sale in Greater Williamsburg compared to 280 in May 2019, a decrease of 37%. There were 161 current contracts pending sale this May compared to 194 a year ago. The number of current contracts is 17% lower than last May.
		Sale Price to List Price Ratio In May, the average sale price in Greater Williamsburg was 98.4% of the average list price, which is similar compared to a year ago. Days on Market This month, the average number of days on market was 54, lower than the average last year, which was 67, a decrease of 19%.


	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.
	Information 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.