The Long & Foster Market Minute

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%.

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.