The Long & Foster Market Minute

Focus On: Greater Williamsburg Housing Market July 2019

Zip Code(s): 23188 and 23185
Units Sold
165
Active Inventory
595
Median Sale Price
$321,000
Days On Market
52
Up 3%
Vs. Year Ago
Down -26%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -4%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 165 sold this month in Greater Williamsburg Real Estate versus 207 last month, a decrease of 20%. This month's total units sold was higher than at this time last year, an increase of 3% versus July 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 209 units or 26%. The total number of active inventory this July was 595 compared to 804 in July 2018. This month's total of 595 is lower than the previous month's total supply of available inventory of 619, a decrease of 4%.

Median Sale Price
Last July, the median sale price for Greater Williamsburg Homes was $293,725. This July, the median sale price was $321,000, an increase of 9% or $27,275 compared to last year. The current median sold price is 4% lower than in June.

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


New Listings
196
Current Contracts
161
Sold Vs. List Price
97.7%
Months of Supply
3.6
Down -9%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Down -28%
Vs. Year Ago

Months of Supply
In July, there was 3.6 months of supply available in Greater Williamsburg, compared to 5.0 in July 2018. That is a decrease of 28% 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 196 homes newly listed for sale in Greater Williamsburg compared to 215 in July 2018, a decrease of 9%. There were 161 current contracts pending sale this July, consistent with the volume a year ago. The number of current contracts is 6% lower than last month.

Sale Price to List Price Ratio
In July, the average sale price in Greater Williamsburg was 97.7% 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 52, lower than the average last year, which was 54, a decrease of 4%.

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.