The Long & Foster Market Minute

Focus On: Greater Williamsburg Housing Market September 2019

Zip Code(s): 23188 and 23185
Units Sold
129
Active Inventory
561
Median Sale Price
$313,000
Days On Market
64
Down -2%
Vs. Year Ago
Down -25%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 19%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 129 sold this month in Greater Williamsburg Real Estate versus 184 last month, a decrease of 30%. This month's total units sold was lower than at this time last year, a decrease of 2% versus September 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 189 units or 25%. The total number of active inventory this September was 561 compared to 750 in September 2018. This month's total of 561 is lower than the previous month's total supply of available inventory of 597, a decrease of 6%.

Median Sale Price
Last September, the median sale price for Greater Williamsburg Homes was $295,500. This September, the median sale price was $313,000, an increase of 6% or $17,500 compared to last year. The current median sold price is 5% higher than in August.

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


New Listings
145
Current Contracts
120
Sold Vs. List Price
98.4%
Months of Supply
4.3
Down -12%
Vs. Year Ago
No Change
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Down -23%
Vs. Year Ago

Months of Supply
In September, there was 4.3 months of supply available in Greater Williamsburg, compared to 5.7 in September 2018. That is a decrease of 23% 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 145 homes newly listed for sale in Greater Williamsburg compared to 165 in September 2018, a decrease of 12%. There were 120 current contracts pending sale this September, consistent with the volume a year ago. The number of current contracts is 16% lower than last month.

Sale Price to List Price Ratio
In September, the average sale price in Greater Williamsburg was 98.4% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 64, higher than the average last year, which was 54, an increase of 19%.

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.